KAZAKHSTAN: TengizChevrOil has paid USD 18.8 bln since 1993

TengizChevroil, the company developing the Tengiz and Korolevskoye oil and gas fields in the Atyrau region of Kazakhstan, has paid USD 18.8 billion to the country since it began operation in the country in 1993.

"Kazakhstan has received some USD 18.8 billion in direct financial payments from TengizChevroil from 1993 to the end of the first half of 2007," TengizChevroil said in a statement.

This money has been spent on salaries for local employees of TengizChevroil, services and commodities from Kazakh producers and distributors, tariffs and payments to state enterprises, including for railroads services and export pipelines, dividends to a Kazakh partner, as well as taxes and royalties paid into the Kazakh state budget.

The partners of Tengizchevroil include ChevronTexaco Overseas (50 percent) and ExxonMobil Kazakhstan Ventures Inc (25 percent), KazMunayGas (20 percent), and the Russian-U.S. joint venture LUKArco (5 percent).

Via: NewEurope