The Ministry of Energy of Kazakhstan and Chevron Direct Investment Fund (CDIF) have marked the successful outcomes of their strategic collaboration aimed at fostering reinvestment in diverse sectors of the country's economy, the Ministry of Energy of Kazakhstan reported. The partnership, established under the Interdepartmental Commission for the Development of the Oil, Gas, and Energy Industries, yielded positive results, with agreements totaling up to $41mn signed with two promising Kazakh companies.
The journey towards economic development began on October 11, 2021, when both entities officially committed to the cause by signing a Memorandum of Understanding. This document solidified their dedication to creating and efficiently administering reinvestment funds in alignment with predetermined decisions.
Importantly, the scope of investment extends beyond the traditional realms of the oil and gas industry, encompassing vital sectors crucial to the nation's economic landscape.
The recent investment agreements, a testament to the fruitful collaboration between the Ministry of Energy and CDIF, have been inked with Top Cleaning Kazakhstan and Orhun Med Limited. Top Cleaning Kazakhstan, an innovative marketplace for business services, and Orhun Med Limited, a rapidly growing medical company in Kazakhstan, are set to receive a total of $41mn in investments from CDIF.
The funds injected into these promising Kazakh enterprises will be utilized to expand their operations, generate new employment opportunities, and introduce cutting-edge technologies to Kazakhstan. This strategic move underlines CDIF's commitment to supporting diverse economic sectors and fostering their sustainable development.
Chevron Direct Investment Fund, an integral player in Kazakhstan's economic landscape since 1993, has been a pivotal force in the nation's growth. As the first international energy company to enter Kazakhstan, Chevron established the Tengizchevroil joint venture, and over the years, has become the country's largest international investor.
Apart from its significant stake in Karachaganak, Chevron is also the largest private shareholder in the Caspian Pipeline Consortium and operates the Polyethylene Pipe Plant in Atyrau. The company's commitment to Kazakhstan's economic development is evident through its focus on developing resources, supporting local employment, utilizing indigenous goods and services, and investing in building the capacity and capability of the national workforce.
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