Buyer's Credit for Atyrau Oil Refinery Modernization Project in Kazakhstan

abarrelfullabarrelfull wrote on 08 Aug 2012 19:55
Tags: c-asia jbic kazakhstan kazmunaygas refinery

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The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a buyer's credit (export credit) agreement totaling up to 178.5 million U.S. dollars (JBIC's portion) with LLP Atyrau refinery (AR), a subsidiary of state-owned oil and gas company JSC NC KazMunayGas in the Republic of Kazakhstan that is engaged in oil refining and the marketing of petroleum products. This loan is cofinanced with The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), and Nippon Export and Investment Insurance (NEXI) provides Buyer's Credit Insurance for the portion cofinanced by BTMU. The overall cofinancing amounts to 297.5 million U.S. dollars.

This loan will mainly fund the purchase of a fluid catalytic cracker (FCC) and associated plant equipment through Marubeni Corporation as part of the modernization project intended to minimize the environmental impact of the manufacturing process in the Atyrau Oil Refinery operated and maintained by AR in Atyrau City, Kazakhstan.

Kazakhstan, endowed with an abundance of oil and natural gas, has sustained growth centered around natural resource development. The government had set the objective of modernizing and diversifying the country's industry in its Five-Year Plan that started in 2010. This Project is expected to meet the domestic demand of petroleum products through the modernization of the relevant facilities. JBIC's support for the export of FCC and associated equipment by a Japanese company will lead to the creation of business opportunities in the oil refinery and petrochemical sectors, thereby contributing to maintaining and improving the international competitiveness of Japanese industries.

JBIC will continue to actively support Japanese firms for their export of plant equipment, as well as overseas business deployment, by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.

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