Bloomberg News

KazMunaiGaz Plans to Invest $1.7 Billion on Atyrau Oil Refinery

January 06, 2012

Dec. 29 (Bloomberg) -- KazMunaiGaz National Co., Kazakhstan’s state-owned oil producer, hired contractors for the $1.7 billion upgrade of its Atyrau oil refinery.

China Petroleum & Chemical Corp., Marubeni Corp. and JSC KazStroyService will work on the project, KazMunaiGaz said in an e-mailed statement today. The Atyrau refinery, located on the northern shore of the Caspian Sea, can process 120,000 barrels a day, according to data compiled by Bloomberg.

The upgrade includes the construction of a unit able to process 2.4 million metric tons of fuel oil a year, according to the statement. That unit will be complete in 41 months, it said.

Marubeni will arrange financing for the project from the Japan Bank for International Cooperation, KazMunaiGaz said.

--Editors: Rachel Graham, Amanda Jordan

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Steve Voss at sev@bloomberg.net


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