BAKU, Azerbaijan, Feb. 21
By Nargiz Sadikhova – Trend:
Russia’s RUSNANO Group will invest up to 3.5 billion Russian rubles ($44.45 million) in implementation of chemical projects in Kazakhstan and Russia, RUSNANO told Trend.
In January 2022, the Kazakh Samruk-Kazyna Sovereign Wealth Fund signed a co-investment agreement in the amount of 14 billion rubles ($177.9 million) with the Russian RUSNANO Management Company LLC and Sintez-Capital LLC. The document was aimed at creating a platform for the joint execution of chemical projects in Kazakhstan and Russia.
According to the Group, the RUSNANO-SINTEZ Fund invests up to 7 billion rubles ($88.9 million) in projects. The Fund was established by RUSNANO Group and Sintez OKA Group on a parity basis. Accordingly, RUSNANO’s contribution to the ongoing projects will be up to 3.5 billion rubles ($44.45 million).
"Within the framework of the RUSNANO-SINTEZ Fund, RUSNANO is a financial partner and the investment expertise owner. RUSNANO has extensive successful experience in implementing chemical projects, such as NikoMag, KuibyshevAzot, Metaclay and others. Sintez OKA Group is the technology supplier and strategic partner, which develops and owns a number of technologies for manufacturing of demanded chemical products. The production of N-Methyldiethanolamine (MDEA) and N-Dimethylethanolamine (DMEA), as well as the further expansion of the product line through the manufacture of oilfield chemicals and special absorbents for gas cleaning via Sintez OKA Group technologies were being discussed as part of the platform, the company stated.
"The principles and procedures for the operation of the investment platform have already been determined by the signed agreement. The platform focuses on financing investment projects in the chemical industry. The sides are to achieve agreement on parameters for the execution of each project," said the statement.
The company noted that given the significant resource base, both Russia and Kazakhstan fixed strategic tasks at the state level for the development of value chains to process extracted raw materials and create chemical products of high processing.
“Therefore, the implementation of projects within the framework of the platform, in addition to fulfilling strategic tasks, will provide the domestic markets of our countries with the necessary chemical products, implement import substitution programs, and create new jobs,” the message says.
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