Abstract: Tengizchevroil: Lessons from a Successful Investment

BALGIMBAEV, NURLAN

Moving with cautious speed, the Republic of Kazakstan is taking deliberate and determined steps to improve the atmosphere for investment for the oil and gas industry.

Under the leadership of President Nursultan Nazarbaev, Kazakstan was one of the first in the Commonwealth of Independent States to invite Western companies to consider joint ventures following independence in 1993. Several billions of dollars have subsequently been invested, exploration and production ventures are making good progress, and, in partnership with various companies and our partners in the Russian Federation, we are resolving long-term oil transportation issues.

Some of Kazakstan's steps include liberalization of the legal system, simplification of permitting, reduction of bureaucracy, improvement of the tax and insurance policies, and a move toward privatization.

We have declared that our economy is open, and adopted the Law on Oil. This is a major step toward further improvement of our domestic legislation so as to democratize investment processes and achieve transparency in official proceedings. In combination with the new Law on Foreign Investment and the Tax and Customs Code, we have created a strong foundation for investment protection.

AAPG Search and Discovery Article #90942©1997 AAPG International Conference and Exhibition, Vienna, Austria