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ASTANA, June 15 Tengizchevroil, Kazakhstan's
biggest oil producer, has reduced dividend payouts to its
shareholders Chevron, ExxonMobil, LUKOIL
, and KazMunayGaz, KazMunayGaz's chief
executive Sauat Mynbayev said on Thursday.
Mynbayev told reporters Tengizchevroil would also borrow
about $20 billion to help finance the $37 billion expansion.
He did not say what the previous and new Tengizchevoil
dividends were. The company is privately held and does not
disclose dividend data.
Under the expansion plan Tengiz will increase output to 39
million tonnes a year (850,000 barrels per day) by 2022 from
about 27 million tonnes currently.
Kazakhstan holds a 20 percent stake in the venture via state
oil and gas firm KazMunayGaz. Chevron owns 50 percent, Exxon
Mobil has 25 percent and Lukarco, controlled by Russia's LUKOIL,
the remaining 5 percent.
Kazakhstan and foreign partners also continue talks on
another oil project, Karachaganak, over a financial dispute,
Lukoil said last year Kazakhstan had filed a $1.6 billion
claim against the consortium developing the Karachaganak gas
condensate field. Kazakhstan's energy ministry has said the
dispute is about calculations of the parties' shares in the
"I hope (resolving the dispute) will take less than a year
(from now)," Mynbayev said.
Shell and Eni hold stakes of 29.25 percent
each in the consortium while Chevron owns 18 percent, Lukoil has
around 13.5 percent and KazMunaiGas holds 10 percent.
(Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov;
Editing by Andrey Ostroukh; Editing by Greg Mahlich)