Japanese banks to allocate over $297 mln to build oil-deep processing plant in Kazakhstan
Kazakhstan, Astana, Aug. 8 / Trend D. Mukhtarov /
The Atyrau Oil Refinery in Kazakhstan has signed a loan agreement with the Japan Bank for International Cooperation and the Bank of Tokyo Mitsubishi UFJ to construct an oil-deep processing plant, KazMunaiGas said on Wednesday.
In the accordance with the agreement, which was signed in Tokyo, the banks will allocate $297.5 million.
The signing ceremony was attended by the heads of KazMunaiGas, the Atyrau Refinery and the Japanese banks.
The plant's construction project is the final stage of complete reconstruction of Atyrau refinery. This project is designed to process 2.4 million tons of raw materials (oil, vacuum gas oil) per year. The contract for the construction of the oil-deep processing plant was signed in December 2011 by Atyrau Oil Refinery and the Consortium, which included Sinopec Engineering (China), Marubeni Corporation (Japan) and KazStroyService (Kazakhstan). The cost of the project is $1.679 billion. Project implementation period is 41 months.
General Director of the Atyrau refinery Talgat Baytaziyev said the project will increase the depth of the oil processing at the refinery by 2016 to 85 percent. The volume of oil refining will reach 5.5 million tons per year.