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$202.7 million out of the National Oil Fund to finance the integrated gas treatment and chemicals production complex in Atyrau

09 апреля 2012, 10:12
$202.7 million will be allocated out of the National Oil Fund to finance construction of the first stage of the $6.3 billion project to construct the integrated gas treatment and chemicals production complex in Atyrau, Newskaz.ru reported April 5.

The first stage worth $2 billion is to be completed in 2014 in partnership with Sinopec Engineering of China. The second stage will be completed in partnership with LG Chemical, the largest Korean chemical company, on a parity basis. The Korean side will be rendering technical support related to hook-up and commissioning, including personnel training at already operating facilities. The second stage is to be implemented before 2016.

When unveiling major industrial projects in Kazakhstan January 27, President Nazarbayev emphasized that the integrated gas treatment and chemicals production complex in Atyrau worth $6.3 billion should be launched at its projected capacity to produce 500 000 tons of propylene and 800 000 tons of polyethylene.

“The project will be financed by both investors and the Government (…) Samruk-Kazyna Sovereign Wealth Fund and the Government applied for money out of the National Oil Fund … Today the issue has been solved positively”, Newskaz.ru reported, citing Dauren Erdebai, Chairman of the Board of the Integrated Chemical Company.

In his latest State of the Nation Address [January 27], President Nazarbayev suggested the National Oil Fund money be used in the form of loans to the national economy rather than kept with foreign banks.

The National Fund of Kazakhstan was created in 2000 as a stabilization fund that accumulates windfall revenues from oil sales and ensures the economy of Kazakhstan will be stable against the price swings of oil. The assets of the National Fund assets are monitored by the National Bank of the Republic of Kazakhstan. As of February 1, 2012, assets of the National Oil Fund made up $45.5 billion.

Loans from the National Oil Fund [to finance large-scaled investment projects] could be provided on the basis of public-private partnership, with the most of the financial burden placed on strategic investors, National Bank’s Governor Gregory Marchenko said early February.

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