“KazMunayGas” announces signing of an agreement on purchases of the bitumen plant facility turnkey construction works

“KazMunayGas” announces signing of an agreement on purchases of the bitumen plant facility turnkey construction works

The project is aimed to produce high-quality road bitumens to satisfy the requirements of the road-building industry of the Republic of Kazakhstan.
Thus, after completion of construction in 2011, Kazakhstan will produce road bitumens of the BND 60/90, BND 90/130 grades and polymer-modified bitumen in the amount of at least 400 thousand tons per annum.
The crude of the Karazhanbas field in the amount of up to 1.0 mln. tons per year is proposed to be used as the feed stock.
The Heads of Agreement on Establishment of and Participation in a Joint Venture for the Purposes of Construction and Operation of the Bitumen Plant between CITIC Group and JSC “Kazakhstan Petrochemical Industries” (established on a parity basis by JSC NC “KazMunayGas” and the KazMunaiGas Exploration Production JSC) was signed on 26 August 2009.
Under the terms of the agreement, financing of the construction of the bitumen plant for the joint venture being established except an authorized capital invested by participants at a parity basis, is provided by means of a loan facility from Chinese financial institutions.
Implementation of the project is carried out in accordance with the State Program for Boosted Industrial-and-innovation-based Development of the Republic of Kazakhstan for 2010-2014.