Chevron Plans To Invest In Kazakh Wind Power Project
Apr 14, 2011
Energy giant Chevron (NYSE:CVX) plans to invest in a wind power project in Kazakhstan, the Kazakh presidential administration said Thursday, quoting Chevron CEO John Watson, who is currently visiting the Central Asian republic.
"Chevron will invest in the construction of a wind farm and will contribute its share to the development of renewable energy sources in Kazakhstan," presidential website www.akorda.kz quoted Watson as saying, in comments translated into Russian.
No further details were given concerning the project.
Watson met with President Nursultan Nazarbayev less than two weeks after the veteran leader was re-elected to a fourth term by a landslide.
Kazakhstan is Central Asia's largest economy, and holds about 3% of the world's recoverable oil reserves. Its output of crude oil has doubled in the past 10 years, becoming the second biggest oil producer in the former Soviet Union after Russia.
The Chevron led Tengizchevroil consortium is the country's largest oil producer, accounting for 25.9 million metric tons out of a total crude oil output of 79.5 million metric tons.
Shares of Chevron are trading up 0.47% at $104.3.
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