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Chevron Approves $37 Billion Expansion of Kazakh Oil Field

July 6, 2016

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Bucking the trend of conserving cash at a time of low oil prices, the American oil giant Chevron said on Tuesday that it would go ahead with a $37 billion expansion of a gargantuan oil field on the Caspian Sea in Kazakhstan.

Giving the green light to such an expensive project, called Tengiz, looks on the face of it to be an unusual move, but analysts say the field has been lucrative and important for Chevron and its partners, who include Exxon Mobil.

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