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KazMunayGas and ExxonMobil Strengthen Strategic Partnership

Astana, June 19, 2024, The Europe Today: Kazakhstan’s national oil and gas company, KazMunayGas (KMG), and ExxonMobil have announced their intention to deepen their partnership, as reported by Kazakh media.

The announcement came following a meeting between KMG Chairman of the Board, Askhat Khassenov, and Cecile Rauline, Managing Director of ExxonMobil in Kazakhstan. The discussions focused on the progress of the Tengiz and Kashagan projects, the development of domestic petrochemicals, and the integration of Kazakhstani content in these initiatives.

Khassenov emphasized the ongoing commitment to enhancing the strategic partnership between KazMunayGas and ExxonMobil. He expressed optimism about receiving continued support from the American company for both existing projects and new initiatives undertaken by KMG.

ExxonMobil has been a significant investor in Kazakhstan since 1993, with investments exceeding $28 billion up to the end of 2023. The company plays a crucial role in several key oil projects in Kazakhstan. It holds a 25 percent stake in Tengizchevroil LLP, which develops the Tengiz field; a 16.81 percent share in the Production Sharing Agreement for the Northern Caspian Sea, encompassing the Kashagan field; and a 7.5 percent stake in the Caspian Pipeline Consortium.

ExxonMobil is a leading global oil and gas company with a prominent position in the energy and petrochemical industries. Its long-standing involvement in Kazakhstan underscores its commitment to supporting the country’s energy sector and fostering economic development.

The strengthened partnership between KazMunayGas and ExxonMobil is expected to further bolster Kazakhstan’s oil and gas industry, enhancing the development of domestic petrochemicals and contributing to the country’s economic growth.