TCO’s direct payments to Kazakhstan increased by 77% in H1

July 29. Interfax-Kazakhstan

TCO’s direct payments to Kazakhstan increased by 77% in H1LLP Tengizchevroil paid $4.6 billion to Kazakhstan in January-June 2010 against $2.6 billion during the same period last year.

Kazakhstan has received a total of $40.4 billion in direct payments from TCO since the beginning of the venture’s operation in Kazakhstan in 1993. Said direct payments include Kazakh staff salaries, purchase of goods and services provided by Kazakh producers and suppliers, payments to state enterprises, dividend payments to the Kazakh partner as well as budget taxes and royalties paid to the state budget.

TCO is engaged in the development of the Tengiz and Korolyov oil and gas fields in Atyrau region (west Kazakhstan). The joint venture is currently owned by Chevron (50%), ExxonMobil Kazakhstan Ventures Inc. (25%), National Company KazMunayGas (20%) and Russian-American JV LUKArco (5%).

The company has been developing the Tengiz field since 1994 based on the agreement Chevron and Kazakhstan concluded in 1993.