KazMunaiGaz National Co., Kazakhstan’s state-owned oil producer, agreed to borrow $1.13 billion from the Export-Import Bank of China to upgrade its Atyrau oil refinery.
KazMunaiGaz signed an agreement in Beijing today for a loan that will have a duration of 13 1/2 years, the company said in an e-mailed statement. China Petroleum & Chemical Corp. (600028), Marubeni Corp. (8002) and JSC KazStroyService will complete work on the $1.7 billion project in 41 months, KazMunaiGaz said.
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 capable of processing 2.4 million metric tons of fuel oil a year, according to the statement.
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