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Kazakhstan, ChevronTexaco oil dispute resolvedKazakhstan and a Western oil joint venture said on Saturday (25th) they had settled a financial dispute over an ambitious $3 billion expansion project at the giant Tengiz oil field, and that work would finally go ahead. Tengizchevroil (TCO), Kazakhstan's flagship oil joint venture led by ChevronTexaco (ChevronTexaco (50%), ExxonMobil (25%), Kazmunaigaz (20%), and LukArco, itself a joint venture of LukOil and BP, (5%)) , suspended expansion works at Tengiz last November after it failed to reach a compromise with the government on how to fund its future development. The Kazakh Energy Minister, Vladimir Shkolnik, was reported last month as saying that a compromise had been reached, but the investors would not comment on this at the time and it was never confirmed. However, news the dispute was over came after a meeting of TCO's Partnership Council and the Kazakh government which ended in the new capital Astana late on Friday the 24th. Find out more about Tengizchevroil Project Posted 25/01/03 |