Shell won't cut investment into Kazakhstan economy despite crisis
ASTANA. March 18. KAZINFORM. /Damir Baimanov/ “The largest energy and petrochemicals company Shell Kazakhstan Development B.V. is not going to cut investment into Kazakhstan’s economy despite the world financial crisis”, General Director Campbell Keir has announced at the briefing in Astana Rixos Hotel. “The business of our company is focused in Kazakhstan. When we entered into an agreement with the Government of Kazakhstan our position was as a long-term investor. Therefore we want to continue investing into Kazakhstan despite the crisis”, Mr. Keir said. In Kazakhstan the company operates in several directions, including exploration and production of oil and gas, hydrocarbons transportation, technical consultations and oil products marketing. Shell holds stake in four projects: the North-Caspian Production Sharing Agreement (16,81%), Arman Joint Venture (50%), Zhemchuzhina Project on the Caspian Shelf (40%), Caspian Pipeline Consortium (5,5%). To date Shell has invested more than USD 3 billion into the country’s economy. Last year the company invested more than USD 7.2 million into construction of water supply facilities in remote villages of Mangystau region, and educational grants for Kazakhstan's students majoring in petrochemistry.