Chevron Direct Investment Fund Ltd. (CDIF) has announced investment agreements into two Kazakhstani companies.
After extensive work, CDIF made direct equity investments in 2023 of up to $41MM (USD) into Top Cleaning Kazakhstan LLP (top.kz), a managed service marketplace for the business and Orhun Med Ltd, a growing healthcare company in Kazakhstan. The companies are planning to expand their businesses using CDIF’s investments, creating jobs across Kazakhstan and bringing necessary technologies into the country.
Both ventures demonstrated robust business cases, including the potential for significant economic and social impact to the development of Kazakhstan’s economy. They also satisfied all CDIF eligibility criteria.
“We're pleased to announce these investments, showcasing a successful partnership between the Ministry of Energy and Chevron. This collaboration delivers essential contributions to the community, including personnel education and technology advancement for the country,” said Almasadam Satkaliyev, Minister of Energy of the Republic of Kazakhstan.
The objective of the CDIF is to make a significant positive contribution to the economic development of the Republic of Kazakhstan. This is enabled by investing into commercially viable enterprises across various industries, including but not limited to manufacturing, works and services in the oil and gas industry with the potential of developing the local supply chain, environmental stewardship, and information technologies.
"Having invested in Kazakhstan for three decades, Chevron takes pride in our longstanding partnership and commitment to furthering investments in the country. These investment agreements signify a new chapter in our company’s efforts to actively support the development of Kazakhstan’s industries and local ventures," said Derek Magness, Managing Director for Chevron’s Eurasia Business Unit.
“The company will continue to explore profitable investment opportunities in Kazakhstan with the aim of developing local industries and inviting enterprises to become a part of this growth story.”