Chevron Direct Investment Fund Ltd. (CDIF) will invest $10 million in BioOperations, a Kazakhstani company engaged in the production of bioethanol and the supply of this fuel to the European market. The investment will support the expansion of BioOperations’ manufacturing capacity and the creation of new jobs.
BioOperations is part of KazFoodProducts, a holding controlled by Yerlan Baymuratov, who ranks 68th on the list of the richest people in Kazakhstan, with a fortune of $108 million.
BioOperations is the only company in Central Asia engaged in the deep processing of wheat. Its plant, located in the small town of Tayinsha in the North Kazakhstan region, produces bioethanol fuel, wheat starch, wheat gluten, DDGS animal feed and carbon dioxide. The facility processes more than 250,000 tons of Kazakhstani wheat annually and exports its products to the U.S., Europe and Asia.
According to Erik Balapanov, chair of the Supervisory Board of KazFoodProducts, the partnership with an international investment fund will attract long-term capital and help expand markets for products made from high-quality Kazakhstani wheat. He noted that this initiative aligns with the national goal set by President Kassym-Jomart Tokayev — to make Kazakhstan one of the world’s top ten producers of goods derived from the deep processing of wheat.
CDIF stated that its primary goal is to contribute to the development and diversification of Kazakhstan’s economy by investing in commercially viable businesses across different sectors. The fund views BioOperations as a highly attractive investment opportunity with a sustainable business model that meets CDIF’s core criteria.
Dylan Morgan, head of CDIF, expressed pride in partnering with BioOperations to promote sustainable energy solutions in Kazakhstan. He emphasized that the investment reflects CDIF’s commitment to innovation, job creation, and the development of Kazakhstan’s economy, particularly in the alternative biofuel industry.
Registered with the Astana International Financial Centre (AIFC), CDIF serves as Chevron’s investment vehicle to support Kazakhstan’s economic growth. It invests in commercial enterprises across a range of sectors, including manufacturing, services in the oil and gas industry, local supply chain development, environmental stewardship, and information technologies, including digital tech. The fund actively seeks high-quality investment opportunities that foster local business development.
In January 2024, CDIF announced investment agreements worth $41 million with two Kazakhstani companies: Top Cleaning Kazakhstan (top.kz), a B2B marketplace, and Orhun Med, a medical company.
The fund was established following a memorandum of understanding signed on Oct. 11, 2021, between Chevron and Kazakhstan’s Ministry of Energy. At the time, the fund was valued at $248.5 million.
CDIF accepts applications from both new and established businesses, provided they are registered in Kazakhstan and that a portion of the purchased assets is based in the country. Chevron, through its AIFC-registered fund, can acquire up to a 49% stake in any Kazakhstani entity, with typical deal sizes ranging from $2 to $3 million. Projects are selected based on their potential to positively impact the national economy through job creation, business growth, and the transfer of expertise and technology.
All applications are reviewed by a supervisory board made up of representatives from Chevron and the Ministry of Energy, ensuring alignment with the fund’s criteria.
