ASTANA, Kazakhstan, December 2. Over the first 9 months of this year, direct payments from Tengizchevroil (TCO) to Kazakhstan amounted to $8.4 billion, Trend reports.
Tengizchevroil, 20 percent of which is owned by KazMunayGas, continues to make a significant contribution to Kazakhstan's economy. A recent study by S&P Global showed that, on average, over a 12-year period, TCO has stimulated 11 percent of Kazakhstan's nominal GDP.
Additionally, due to the multiplier effect, each Kazakhstani employee of the company supports another 41 jobs (in goods and services) across the country, thereby contributing to economic activity growth in the regions.
KazMunayGas pays close attention to the timely implementation of ongoing Tengiz expansion projects, focusing on increasing Kazakhstan content and nationalizing the workforce.
As of the third quarter of 2024, the share of domestic specialists at TCO reached 95 percent. Since 1993, TCO has directed more than $198 billion into the republic's economy.
Tengizchevroil is a joint venture engaged in the development, production, and sale of oil and related products. It is the largest oil-producing enterprise in Kazakhstan. The company was founded on April 6, 1993, by the President of the Republic of Kazakhstan Nursultan Nazarbayev and the American company Chevron.
S&P Global is an American corporation engaged in providing financial and analytical information. It was founded in 1909 under the name McGraw-Hill Book Company as a publisher of technical journals and books. It is headquartered in New York City.
