TCO announced its’ 2019 year-end results

17 February 2020

TENGIZCHEVROIL sets a record high in purchases of Kazakhstani goods and services.

TENGIZCHEVROIL (TCO) spent $4.6 billion on the purchase of Kazakhstani goods and services in 2019, which represents 31% increase compared to 2018. This figure set a record high in Kazakhstani content (KC), spent since 1993.

The Future Growth Project – Wellhead Pressure Management Project (FGP-WPMP) accounted for most of the KC spend. FGP-WPMP sourced $3.25 billion worth of goods and services from Kazakhstani manufacturers making it a total of $8.4 billion since the start of the project.   

TCO’s crude oil production reached a new annual record of 29.79 million tons, demonstrating a 4% increase compared to 2018. TCO also sold over 1.3 million metric tons of LPG, and 7.9 billion cubic meters of sales gas.

Kazakhstani citizens occupy 89% of all jobs and 80% of managerial and supervisory positions in the company’s base business (excluding FGP-WPMP staff).  

Direct payments to Republic of Kazakhstan exceeded $10.6 billion last year. Those payments include Kazakhstani employees’ salaries, purchases of Kazakhstani goods and services, tariffs and fees paid to state-owned companies, profit distributions to the Kazakhstani shareholder and taxes and royalties paid to the government. From 1993 through 2019, TCO made direct financial payments of over $146 billion.