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Kazakh Tengizchevroil reduces dividend to finance expansion

ASTANA, June 15 Tengizchevroil, Kazakhstan's biggest oil producer, has reduced dividend payouts to its shareholders Chevron, ExxonMobil, LUKOIL , and KazMunayGaz, KazMunayGaz chief executive Sauat Mynbayev said on Thursday.

Mynbayev told reporters Tengizchevroil would also borrow about $20 billion to help finance the $37 billion expansion.

Kazakhstan and foreign partners also continue talks on another oil project, Karachaganak, over a financial dispute, he said. (Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov; Editing by Andrey Ostroukh)

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