China to allot Kazakhstan $1 billion worth credit to upgrade Chimkent oil refinery

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This photo taken on May 10, 2011 shows aChinese Ex-Im Bank will allt Kazakhstan $1 billion worth credit to upgrade the Chimkent oil refinery, reported Argus agency.

The memorandum to open the credit line was signed between the Kazakhstan Development Bank and Chinese Ex-Im Bank on May 19, 2014 during the visit of Kazakhstan President Nursultan Nazarbayev to China, said sources close to the projetc.

Upgrade of the Chimkent oil refinery worth $1.8 billion envisages construction of the installation of catalytic cracking, isomerisation, hydrogen production, prolypropylene, sulfur installation and reconstruction of the instalaltion for hyrdofining of diesel fuel. By 2015-2016 capacity of the oil refinery must increase up to 6 million tons a year from 5.2 million tons a year.

The owners of the enterprise are Kazakhstan state holding KazMunaiGas (KMG) and Chinese CNPC on a parity basis.

From January to April Chimkent oil refinery refined 1,532,000 tons of oil against 1,594,000 tons during the same period last year.

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