Kazakhstan, Astana, December 9 / corr. Trend A. Maratov/
The problems of financing the construction of the first phase of Atirau gas chemical complex was resolved through debt capital without attracting investor, vice minister of oil and gas of Kazakhstan Asset Magauov told Trend on Thursday.
"The entire scope of work for construction of infrastructure and production facilities of the first phase will be implemented through the credit line of Export-Import Bank of China," said Magauov.
In June this year, the chairman of the board of directors KazMunaiGas (KMG) Kulibayev criticized the Kazakhstan Development Bank (KDB) for the failure to finance the construction of gas-chemical complex in Atyrau. Kazakh Prime Minister Karim Masimov at the same time ordered the government to look into the matter and punish those responsible for the delay in this process.
According to Magauov, currently the general contractor of the project also became a Chinese company - Sinopec Engineering.
In June this year, the chairman of the board of directors KazMunaiGas (KMG) Timur Kulibayev criticized the Kazakhstan Development Bank (KDB) for the failure to finance the construction of gas-chemical complex in Atirau. Kazakh Prime Minister Karim Masimov ordered the government to investigate the matter and punish those responsible for the delay in this process.
According to Magauov, currently Chinese Sinopec Engineering Company has also become the general contractor of the project.
"Now they develop project-estimate documents and construction of road from Atirau to Karabatan has started," said vice minister.
"With regards to funding the second phase, now possible sources are considered. In particular, the Korean LG Chem Company plans to create joint venture on an equal start," said Magauov.
"The first phase of the project should make the production of polypropylene with a design capacity of up to half a million tons per year. At the second stage, the plant will produce up to 800,000 tons of polyethylene per year. These results will be achieved by 2015," he said.
The project cost amounts to $6 billion.