Key Kazakh oilfield hit by protests

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Updated 06 January 2022
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Key Kazakh oilfield hit by protests

  • Kazakhstan is a major oil producer with an output of about 1.6 million barrels per day (bpd) in recent months

LONDON: Oil production at Kazakhstan's top field Tengiz was reduced on Thursday, its operator Chevron said, as some contractors disrupted train lines in support of protests taking place across the central Asian country.

Demonstrations in the west of the country against a New Year's Day fuel price hike have quickly grown into deadly anti-government riots with Russia sending in paratroopers to put down the countrywide uprising. read more

Kazakhstan is a major oil producer with an output of about 1.6 million barrels per day (bpd) in recent months and has rarely seen production disrupted by unrest or natural disaster.

“TCO production operations continue, however, there has been a temporary adjustment to output due to logistics,” Chevron, the largest foreign oil producer in Kazakhstan with a 50 percent stake in the Tengizchevroil (TCO) joint venture, said in a statement.

Protestors at the field have disrupted train activity which is used to export oil, sources told Reuters.

TCO produces around 700,000 bpd. It was not clear by how much output has been reduced. Other top fields in Kazakhstan are onshore Karachaganak and offshore Kashagan.

Besides Chevron, the three key projects involve most top foreign companies including Exxon Mobil, Lukoil, Royal Dutch Shell (RDSa.L), Eni, TotalEnergies (TTEF.PA), CNPC and Inpex.

A Shell spokesperson said production at the Karachaganak and Kashagan ventures was continuing.

“We are following developments in Kazakhstan closely. We are focusing on keeping our people and operations safe, working closely with our venture partners... We are keeping the situation under constant review.”


Closing Bell: Saudi main index closes in red at 10,847

Updated 25 February 2026
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Closing Bell: Saudi main index closes in red at 10,847

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.

The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.

The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.

The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.

The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.

Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.

On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.

Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.

On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.

In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.