Azerbaijan, Baku, Feb. 21 / Trend E. Kosolapova/
Kazakh National Oil and Gas Company KazMunaiGas expects to sign a credit agreement on financing of a deep oil refining complex at Atyrau oil refinery in May, 2012, the chairman of the company Lyazzat Kiinov said on Tuesday, Novosti-Kazakhstan reported.
"Currently, the negotiations are underway to determine the optimal conditions and volumes of the loans. The loan agreements are planned to be signed in May," Kiinov said at the governmental meeting.
Kiinov said that the complex will increase a plant capacity to 5.5 million tons of crude oil per year. The power of the secondary processes and the depth of oil refining will reach 87 percent. Moreover, light petroleum products yield will be increased to 77 percent and its quality will be improved to Euro 4 and Euro 5 standards.
Kiinov said that 70 percent of the project will be financed by export credits and 30 percent of the project will be financed by other sources, however without the governmental support.
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