Since 1993, TCO has invested over $1.5 billion to fund social projects and programs in the Atyrau Oblast for the community and employees. TCO invests in the community of Atyrau Oblast through several different approaches. Two of our signature community investment programs are Egilik Social Infrastructures Program and the TCO Community Investment Program.
At the start of Tengizchevroil joint venture in 1993, the company created a five-year, 50 million US dollar program called Atyrau Bonus Fund. TCO saw the program as a way to create value both for the company and the community. Furthermore, TCO decided to work collaboratively with the Atyrau Oblast Akimat leadership in choosing the social infrastructure projects in Atyrau Oblast to be funded with Tengizchevroil funds. In 1998, the Atyrau Bonus Fund program was concluded as planned. The objectives of the program were met and the outcomes clearly pointed to the value of, and need for, such a program.
As a result, in 1998 TCO established the Egilik (Kazakh for benefit) program. Egilik began with a 4 million US dollar budget, growing steadily until 2003 when the budget increased to 8 million US dollar for three years and then to 12 million US dollar for another three year period. For 2009 through 2012 the budget was 20 million US dollar per year.
Since 2013 TCO allocates 25 million US dollar annually to fund projects under Egilik program.
TCO budgets approximately $1 million annually for Community Investment Program (CIP), which launched in 2010. TCO has recently updated the CIP strategy to more closely align with the needs and goals of our community and business.