Tengizchevroil (TCO) has spent $50 billion on Kazakhstani goods and services since its inception, DKnews.kz reports.
Konilcosh Suesinov, Deputy General Director of TCO, shared impressive figures showcasing the company’s contributions to Kazakhstan’s economy.
According to Suesinov, from 1993 to the third quarter of 2024, TCO has invested over $198 billion into Kazakhstan's economy. In just the first three quarters of 2024 alone, TCO’s direct payments amounted to approximately $8.4 billion.
Suesinov made these remarks during his presentation at the SPE conference held in Atyrau, Kazakhstan. This event, organized by the international professional association SPE, which unites 127,000 members across 145 countries in the oil and gas exploration and production industries, coincided with the 125th anniversary of oil production in Kazakhstan. Over 500 leading energy experts from around the world attended the conference.
Participants focused on how Caspian energy companies can leverage their unique resources and capabilities to lead in the global market. Discussions included topics such as balancing energy security and the transition to cleaner energy, opportunities and challenges in Caspian gas development, artificial intelligence applications, and exploration strategies in the Caspian region.
During a panel session, Konilcosh Suesinov highlighted a recent study by S&P Global, which revealed that over a 12-year period, TCO has contributed an average of 11% to Kazakhstan's nominal GDP. Additionally, through a multiplier economic effect, every local TCO employee supports 41 jobs across the country.
@Tengizchevroil
“Since its establishment, TCO has spent about $50 billion on local goods and services. In just the first three quarters of this year, TCO has allocated $2.2 billion to Kazakhstani goods and services. This year alone, TCO signed more than 20 contracts with local companies. Today, TCO collaborates with over 2,000 local companies and continues to contribute to the development of Kazakh content” Konilcosh Suesinov
Regarding the workforce, 95% of TCO employees and 88% of its managers and executives are Kazakhstani. Since 2007, more than 478 local employees have replaced foreign specialists in key technical and managerial positions.
Suesinov also emphasized TCO’s achievements in environmental sustainability. Since 2000, the company has reduced emissions per ton of crude oil produced by 76%, even while increasing overall oil production. Additionally, nearly half of the water used at the Tengiz field is recycled and reused.
This remarkable contribution to the Kazakhstani economy and sustainability demonstrates TCO’s role as a key player in the country’s development and its commitment to long-term growth.
