PM Bektenov highlights need to create industrial cluster at Tengiz
Prime Minister Olzhas Bektenov has held a meeting with the Chairman of the Board of Directors and CEO of Chevron, Michael Wirth, for discussing interaction in oil production and processing, Kazinform News Agency reports.
The parties discussed the existing joint projects, the prospects for the development of the country’s petrochemical sector, namely the operation of the first polypropylene plant KPI and construction of the country's largest polyethylene complex with the capacity of 1.25 million tons of products per year.
The sides also discussed construction of a new gas processing plant with the annual capacity of 4.5 billion cubic meters of raw gas at the Karachaganak field.
Another important issue on the agenda is the Tengiz Future Growth Project. Olzhas Bektenov highlighted the need to further increase local content through the development of an industrial cluster at Tengiz, aimed at raising domestic value added. This is expected to give a new impulse to the development of small and medium businesses. He also emphasized the need to update project decisions for rational exploration of Tengiz reserves and to compile a program for maintaining a high level of industrial safety.
The sides also discussed the issues of diversification of oil transportation routes and building new energy sources supply chains.
Earlier, the President of Kazakhstan, Kassym-Jomart Tokayev, highlighted a key role of Chevron in sustainable development of the country’s energy sector and congratulated Michael Wirth on successful completion of the Tengiz Future Growth Project.