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Vice PM suggests transferring chemicals production facilities into foreign management

04 june 2013, 16:16
Kairat Kelimbetov. Yaroslav Radlovsky ©
Kairat Kelimbetov. Yaroslav Radlovsky ©
Kazakhstan’s Vice Prime Minister Kairat Kelimbetov has suggested transferring chemicals production facilities and related natural resources deposits to be managed by foreign companies, Tengrinews.kz reports.

“What has been done in Taraz special economic zone (Southern Kazakhstan) proves global companies such as Singapore’s JURONG should be assigned to operate such [large-scaled chemicals production] projects. There should be a timeframe set to designate such companies. Chemicals production projects are multibillion ones; I believe it’s right for investors to assume adjacent risks upon themselves. Global companies are leaders in terms of technology; besides, they are market makers and are aware of how related markets are set to develop. The Kazakh side could sell out controlling stakes to such companies or transfer chemicals production facilities and related natural resources deposits into such companies’ management. Both sides will benefit”, he said at a government’s sitting focused on development of the country’s chemicals production.

Vice Prime Minister and Minister of Industry and New Technology Asset Issekeshev has suggested introducing personal liability for heads of national companies involved in implementation of chemicals production projects.
“Development of related special economic zones calls for special attention. There should be a special council launched comprising related vice ministers (…) the management core should be formed as a public-private partnership”, he said.

There has been a suggestion making Samruk-Kazyna Sovereign Wealth Fund responsible for development of Taraz chemicals production incubator, with KAZENERGY being responsible for Atyrau special economic zone. Another national company should be designated to be responsible for Pavlodar special economic zone”, Mr. Issekeshev believes.

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