Sinopec set to build $1.3b Kazakhstan plastics plant

07:37, March 26, 2010      

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A unit of China's Sinopec will build a $1.26 billion polypropylene production plant in Kazakhstan, Kazakh Deputy Oil and Gas Minister Aset Magauov said Thursday.

The facility will be part of a $6.3 billion gas processing complex that Kazakhstan plans to build in its western Atyrau region. The government has said South Korean banks and companies are also looking at investing in the project.

The central Asian state signed the contract with Sinopec Engineering last week, Magauov told reporters Thursday.

"China's Eximbank acts as an investor (providing) loans," Magauov said. "Sinopec Engi-neering is a contractor."
He added that Sinopec would also export the plant's products.

Kazakhstan is central Asia's largest oil producer and has sizeable gas reserves but mostly exports crude oil and gas to be refined abroad. Domestic refining projects are part of the government's strategy to diversify the economy.

Last year Sinopec Engineering won another contract in Kazakhstan to build a new facility at the Atyrau oil refinery.

Source: Global Times
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