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Japan invests in Atyrau refinery

August 16 2012, 19:29

Atyrau refinery has signed a $297.5mln loan agreement with Japan Bank for International Cooperation and Bank of Tokyo Mitsubishi UFJ for construction of an advanced oil processing center.
The agreement between the refinery and the Japanese banks was signed on August 8 in Tokyo. The loan period is 13.5 years.
According to Director General of Atyrau refinery Talgat Baitaziyev, construction of the center will allow to increase oil refining efficiency to 85% by 2016. Oil processing volume will reach 5.5mln tons a year. Production of high-octane petrol will raise from 600,000 tons to 1.7 million tons a year. Production of diesel will reach 1.4mln tons a year. The petrol will comply with Euro-5 standard.
The contract for construction of the advanced oil processing center was signed in December 2011 between the Atyrau refinery and a consortium of Sinopec Engineering (China), Marubeni Corporation (Japan) and KazStroyService (Kazakhstan). The project costs $1.7 bn.
On June 6, Atyrau Refinery signed a  loan agreement with Chinese Export-Import Bank on a loan of over $1bn.
Building an advanced oil processing center at Atyrau refinery is part of President Nazarbayev’s State-of-the Union Address. The project aim is to process 2.4mln tons of oil a year.
Kazakhstan has three oil refineries in Atyrau, Shymkent and Pavlodar.

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