In the course of his working trip to western regions of Kazakhstan President Nursultan Nazarbayev stated the importance of acceleration of the TCO expansion project.
"KazMunayGas, Government, ministries and Tengizchevroil must be engaged in this work. The TCO expansion project must be commissioned as soon as possible to ensure more oil output", he said after KMG CEO Sauat Mynbayev reported to him on the project implementation.
According to Mynbayev, initially the project was estimated at 38 bln U.S. dollars, but after the negotiations with contractors its budget was сut up to 34 bln U.S. dollars. "The work on implementation is expected to start in May 2016. We do not see any uncertainties in the project in the current situation. TCO shareholders assured us in its implementation", he said.
The TCO expansion project aims at increasing oil output by 12 mln tonnes. Presently oil output volume at Tengiz makes 24 mln tonnes.