Tokayev: KazMunayGas, Lukoil Collaborate on Major Caspian Shelf Project

Kazakh President Kassym-Jomart Tokayev spoke at an event on Tuesday commemorating the 30th anniversary of Lukoil’s operations in Kazakhstan, emphasizing the promising projects being implemented by KazMunayGas and Lukoil on the Caspian shelf, The Caspian Post reports, citing Kazinform.

"Lukoil is one of the reputable companies successfully operating in our country. There is every reason to say that the company, which first entered Kazakhstan in 1995, enjoys a strong reputation here. This, undoubtedly, has been achieved through hard work and high responsibility. In addition, Lukoil makes a significant contribution to strengthening the partnership between Kazakhstan and Russia. The company’s activities enhance the economic potential and strengthen the friendly relations of our countries. Looking back, Lukoil’s operations in Kazakhstan began with the Kumkol project. For more than a quarter of a century, the company has been working productively and achieving tremendous success. In particular, Lukoil has invested over 12 billion US dollars in Kazakhstan’s oil and gas sector, producing 94 million tons of oil and 60 billion cubic meters of gas. Today, I was informed that the company has allocated around 300 million US dollars for social projects and charitable initiatives," said the head of state.

The Kazakh president highlighted that behind these figures are thousands of created jobs, the transfer of advanced technologies, and a significant contribution to the socio-economic development of regions.

Tokayev stated that, with the company’s participation, the Future Growth Project at the Tengiz field - one of the largest in the global oil and gas industry - has been successfully completed.

"On the Caspian shelf, Lukoil, together with KazMunayGas, has begun implementing promising projects Kalamkas-Sea and Khazar. These are strategic initiatives. More than six billion US dollars in direct investments are planned for the development of these fields, along with the creation of over two thousand new jobs. To increase local content in these projects, shipyards in Mangystau region will be involved in manufacturing offshore oil production platforms. The company continues its productive work at the Karachaganak field. Furthermore, Lukoil is currently participating in the development of the Caspian Pipeline Consortium, which holds special importance for our country. Through this strategically vital route, Kazakh oil is supplied to dozens of countries, thereby strengthening Kazakhstan’s role in the global energy market," he added.