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TengizChevrOil brings payments to Kazakhstan to $15 billion

Illustration of Tengrinews.kz Illustration of Tengrinews.kz
TengizChevrOil (TCO) brought its direct payments to Kazakhstan to $15 billion in 2013, Tengrinews reports citing the company' Director General Tim Miller as saying yesterday. This amount includes salaries of Kazakh employees, payments for locally produced goods and services, payments to state enterprises, dividends to the Kazakh partner, taxes and royalty payed into the state budget. In 2012 TengizChevrOil's direct payments to Kazakhstan amounted to $14.4 billion. The 2013 payments were a 5.6% increase against the previous year. Starting from 1993 the company has paid a total of $89.2 billion. In 2013 TCO spent more than $2.3 billion purchasing goods and services from local producers. Since its establishment in Kazakhstan in 1993, the company bought Kazakh goods and services totally worth $15.4 billion. TengizChevrOil is a joint venture of Chevron - 50%, ExxonMobil - 25%, KazMunayGas - 20% and LukArco - 5%. The joint venture was formed in April 1993, when the Kazakhstan government granted an exclusive 40-year right to TengizChevrOil to develop the Tengiz and Korolevskoye oil fields located in the north-eastern reaches of the Caspian Sea in Atyrau Obalst of Kazakhstan.

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