BAKU, Azerbaijan, June 4
Trend:
Kazakhstan’s Samruk-Kazyna National Wealth Fund, KazMunayGas JSC (KMG) and Russian SIBUR Holding PJSC signed the basic terms of agreement on cooperation for the construction of an integrated gas-chemical complex in Atyrau region, Trend reports referring to a source in KMG.
According to the source, the construction project consists of 2 phases (Phase 1 - polypropylene production, Phase 2 - polyethylene production).
The event took place within the framework of the St. Petersburg International Economic Forum. According to the document, the parties will consider the possibility of SIBUR's participation in the ongoing project.
The partners are expected to make a decision on joint participation in the project following a study by SIBUR of its economic efficiency by the end of 2021.
"In SIBUR, we can get a reliable partner necessary for the implementation of such a significant complex for our country. This project will receive comprehensive support from our side. We’ll take all necessary measures for its successful implementation", Alik Aydarbayev, chairman of KMG’s Management Board, said during the meeting.
"SIBUR has unique experience in the implementation of large-scale investment projects in the field of petrochemicals and is interested in expanding the petrochemical part of the business, including by entering new markets,” emphasized Dmitry Konov, chairman of the Management Board of the Russian company. “In case of joint implementation of projects, we’ll be happy to share the accumulated expertise in launching projects and operating world-class polymer complexes with our partners.”
“The partners have extensive experience in the construction and operation of large production facilities in the production, transportation and processing of oil and gas and also will be able to provide projects with the necessary raw material support and provide enterprises with the existing infrastructure within the special economic zone," added Konov.
KMG is currently implementing a project to build the country's first gas chemical complex, located in the Atyrau region. As to date, 87 percent of the work on the first phase of polypropylene production has been implemented. The plant's capacity will be 500,000 tons of polypropylene per year.
The construction of the plant is expected to be completed this year, and commissioning is scheduled for the first quarter of 2022. As part of the implementation of the second phase for the production of polyethylene, a feasibility study has been completed. The plant's capacity will be 1.25 million tons of large-scale polyethylene per year.
