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Atyrau oil refinery getting more money

27 august 2012, 11:27
0
Atyrau oil refinery. Photo courtesy of kursiv.kz
Atyrau oil refinery. Photo courtesy of kursiv.kz
Atyrau oil refinery is getting another major loan for construction of its advanced oil processing center. The loan agreement has been signed between Atyrau Oil Refinery and Kazakhstan Development Bank on August 17 in Astana, the bank’s website writes.

The bank will provide Atyrau oil refinery $252 million for 13.5 years. Construction of the advanced oil processing center will become the final stage in the full reconstruction of the refinery.

Director General of Atyrau Oil Refinery Talgat Baitaziyev earlier stated that the center would allow to increase the defining efficiency to 85 percent by 2016, while the refining volume will reach 5.5 million tons per year. Production of high-octane gasoline will grow from current 600 thousand tons to 1.7 million tons per year. Production of diesel fuel will reach 1.4 million tons per year. The petrol will comply with Euro-5 standard.

The contract for construction of the advanced oil processing center was signed on December 29, 2011 by Atyrau Refinery, Sinopec Engineering consortium (China), Marubeni Corporation (Japan) and KazStroyService (Kazakhstan). The cost of the project is $1.7 billion, VAT inclusive.

On June 6 Atyrau Oil Refinery signed a loan agreement worth over $1 billion with Export-Import Bank of China EXIM. On August 8 another loan agreement was signed with Japanese banks for $297.5 million.

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