BAKU, Azerbaijan, June 8. Kazakh KazMunayGas (KMG) and the US’s Chevron, through its subsidiary Chevron Munaygas Inc. announced signing of a Memorandum of Understanding to research potential projects in the sphere of carbon emissions reduction in Kazakhstan, Trend reports with reference to KMG.
KMG and Chevron plan to explore the potential for joint projects in the sphere of carbon capture, utilization and storage (CCUS), low-carbon hydrogen usage, control of methane emissions and leakage, improving energy efficiency and introducing local carbon pricing mechanisms.
Memorandum was signed by Chairman of the Board of JSC NC KazMunayGas Magzum Mirzagaliyev and Chevron's Eurasia Business Unit (EBU) Managing Director Derek Magness during an official meeting on the eve of 34th plenary session of the Foreign Investors Council, with the participation of Chevron Executive Vice-President Jay Johnson, in Kazakhstan’s Nur-Sultan city.
Cooperation between KazMunayGas and Chevron is part of the efforts of both companies to support the goals of Kazakhstan to achieve carbon neutrality by 2060.