Chevron and KazMunayGas announce collaboration

27 June 2022

Chevron Corporation (CVX), through its subsidiary Chevron Munaigas Inc. (Chevron), and JSC NC “KazMunayGas” (KMG) have announced a memorandum of understanding (MoU) to explore potential lower carbon business opportunities in Kazakhstan.

Chevron and KMG plan to evaluate the potential for lower carbon projects in areas such as carbon capture, utilization, and storage (CCUS); hydrogen; energy efficiency, and methane management; and carbon financial disclosure methodology.

The MoU was signed by Derek Magness, managing director for Chevron’s Eurasian Business Unit, and Magzum Mirzagaliyev, chairman of the Management Board of KMG in Nur-Sultan on the eve of the 34th Plenary session of the Foreign Investors Council chaired by the President of Kazakhstan Kassym-Jomart Tokayev and Chevron’s executive vice president of Upstream Jay Johnson.

The collaboration between Chevron and KMG is part of the efforts of both companies to support Kazakhstan’s target vision to achieve carbon neutrality by 2060.