Kazakhstan has approved Tengizchevroil expansion project at a cost of $23 bln

The Kazakhstani authorities have approved the expansion project of the Tengiz deposit at a cost of $23 billion, which considers the increase of production from 26 million tons to 38 million tons of oil a year, the deputy chairman of the Board of Management of “KazMunaiGaz” K.Iskaziev said.

“Recently, the Central Development Commission upon the recommendation of the Committee for Geology has approved the expansion project of the deposit,” he said at a press-conference in Almaty.

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