News and analysis from Kazakhstan - Jan 08th 2009
energy
Chevron says Kazakhstan exempted Tengizchevroil from oil export duty
Chevron Corp.’s venture in Kazakhstan said the government granted it an exemption to a new duty on oil exports more than a month before the tax came into effect.
TengizChevroil LLP has the right to “freely export its crude oil and other hydrocarbon products including sulfur” under its original 1993 production-sharing contract, the Atyrau- based venture said in an e-mailed statement today.
“Accordingly, the government excluded TengizChevroil from the recently introduced export duty in its resolution 328 dated 8 April 2008,” the company said, adding that it “appreciates Kazakhstan’s commitment to respecting the sanctity of contracts.”
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