USD 38 bln to be allocated for development of Tengiz deposit

ASTANA. KAZINFORM - USD 38 bln to be allocated for development of the Tengiz deposit. It will also allow to create 20 thousand jobs, President of Kazakhstan N. Nazarbayev informed at the enlarged sitting of the Government of Kazakhstan today.

"We need to cooperate closely in order to implement this program," the Head of State said.

As earlier Minister of Energy of Kazakhstan Vladimir Skolnik informed, "Tengizchevroil" LLP (operator at Tengiz deposit) plans to produce 26.7 mln tons of oil this year.

"This year, we need a decision on future development of "Tengizchevroil" LLP made. The estimated time of launch of additional facilities is 2021. It will allow to increase production of oil up to 38 million tons. About 20 thousand jobs will be created during the implementation period," the minister said.

The Head of State noted that modernization of three oil refineries would be continued. "It has the same meaning as construction of a new oil refinery," the president emphasized.