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China allocates over $1 billion for construction of advanced oil processing center in Atyrau

11 june 2012, 09:40
0
Atyrau refinery. Photo courtesy of kmg.kz
Atyrau refinery. Photo courtesy of kmg.kz
China will allocated over $1 billion for construction of the advanced oil processing center in Atyrau, Tengrinews.kz reports citing the public relations department of KazMunaiGas, Kazakhstan national oil and gas company.

“KazMunaiGas National Company is pleased to inform that the loan agreement with Export-Import Bank of China EXIM for construction of the advanced oil processing center was signed in Beijing on June 6, 2012. The total amount of the loan exceeds $1.1 billion. The period of the loan is 13.5 years. The agreement was signed by deputy Director General of the corporate banking department of the Export-Import Bank of China Li Wan and Director General of Atyrau Refinery Talgat Baitaziyev,” the company’s public relations department informed.

According to KMG, this major processing facility is constructed as part of Kazakhstan’s State Program of Accelerated Industrial-Innovative Development and constitutes the final stage of reconstruction of Atyrau refinery. This project intends to process 2.4 million tons of black mineral oil and vacuum gas oil per year. The new facility will be using up-to-date technologies to process so-called dark oil products that remains remains after processing at other units.

“The new complex will increase the output of high-octane gasoline, jet fuel and diesel fuel that comply with Euro-5 standard's requirements; the oil refining efficiency will be brought to 85 percent. Implementation of the project will have an effect not only on development of the oil-processing industry, but on the whole oil and gas industry of Kazakhstan.

"The project of construction of the advanced oil processing center in Atyrau refinery is of great significance because it is called to improve the environmental friendliness of the refinery’s products, enchance rational use of the precious oil stock and improve the ecological safety of the production process itself.

"Signing the loan agreement with the Export-Import Bank of China is the first step in practical implementation of the project of construction of the advanced oil processing center,” Director General of Atyrau Refinery Talgat Baitaziyev.

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. Implementation period is 41 months. The official ceremony was attended by the heads of Kazakhstan Oil and Gas Ministry, KazMunaiGas National Company and Sinopec Corporation (China).

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