BAKU, Azerbaijan, Mar. 27
By Nargiz Sadikhova - Trend:
KamaTyresKZ JSC, which is a joint venture of Russia’s Tatneft-Neftekhim Management Company and Kazakhstan’s AllurTyres signed a package of agreements with Kazakh ministries, confirming the provision of state support measures for the construction of a tyre manufacturing factory in Kazakhstan, Trend reports citing Tatneft.
The documents was signed by the director of KamaTyresKZ, representatives of the Ministry of Foreign Affairs and the Ministry of Industry and Infrastructural Development.
The documents signed regulate the main agreements of the parties on investment preferences during the construction of the factory, investment obligations of KamaTyresKZ, as well as the conditions for Kazakhstan to extend a land plot grant-in-kind for the implementation of the investment project.
The agreements also aim at the long-term promotion of investments in the commercial-grade industrial production.
The joint venture establishment provides for the construction of a new factory in Kazakhstan. The investments in the project are planned in the amount of 125 billion tenge ($284 million), and the production is expected to start in 2022. The factory is expected to reach the full design capacity in 2024.
TATNEFT PJSC is one of the largest Russian vertically integrated oil companies, which dynamically develops crude oil and gas production, crude oil refining, petrochemistry, operates the tyre manufacturing complex, gas station network, is involved in the electric power generation industry, development and production the of equipment for the oil and gas industry and a block of service structures.
KamaTyresKZ is a joint venture established in Kazakhstan by Tatneft-Neftekhim Management Company and Allur Tyres in October 2020 for the purpose of organizing the production of tyres in Saran, Kazakhstan.
Allur Group of Companies is a shareholder of the largest car manufacturer in Kazakhstan, which is the official distributor, manufacturer and dealer of brands JAC, Ankai, Yutong, Chevrolet, Rav on, as well as the manufacturer of Hyundai, Niva Chevrolet, UAZ and MAN in Kazakhstan.
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