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[Cancelled] China Eximbank $1.4 billion USD loan for Atyrau Petrochemical Complex Construction Project (Linked to Record ID#53553 and #53547)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Development Bank of Kazakhstan JSC (Baiterek or DBK) |
| Country | Kazakhstan |
| Start Date | Jan 01, 2011 |
| End Date | Jul 10, 2029 |
| Duration | 6,765 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 40266 |
Grant Description
[Cancelled] China Eximbank $1.4 billion USD loan for Atyrau Petrochemical Complex Construction Project In 2009, Kazakhstan Petrochemical Industries (KPI) LLP signed an Engineering, Procurement, and Construction (EPC) contract with Sinopec Engineering Co., Ltd. (through Sinopec Group subsidiary China Petroleum & Chemical Corporation) for the first stage of construction of Atyrau petrochemical project.
On February 22, 2011, the Development Bank of Kazakhstan JSC (DBK) entered into a $1.4 billion USD credit agreement with the Export-Import Bank of China to finance the construction of the integrated petrochemical project. However, as of 2017, no amounts had been drawn down under this credit agreement.
This was due to the mutual termination of the EPC contract between KPI and Sinopec in August 2014.
Therefore, AidData has assumed that the China Eximbank loan was cancelled (since the proceeds of this loan were to be used to fund the EPC contract with Sinopec). The project was planned to include the construction of a polypropylene plant with the capacity of 500,000 per year. It was set to be complete by 2014.
On September 3, 2016, China Development Bank (Xinjiang Branch) signed a $2 billion USD loan agreement with KPI for the construction of the Atyrau petrochemical project, as captured by linked Record ID#53553.
Staff Comments
This project was funded through the $1.5 billion unrestricted portion of China Eximbank's Master Loan Facility with the Development Bank of Kazakhstan JSC, as captured by project ID#53547 (see pg.66-67 of 'Development Bank of Kazakhstan Base Prospectus 2017').The complex was located in a special economic zone (SEZ) called the National Industrial Petrochemical Technopark Special Economic Zone, which was 33 km to the northeast of the city of Atyrau, and 8-9 km north to north of Karabatan (see 'About the Project'). More detailed locational information can be found at http://www.wraconferences.com/wp-content/uploads/2016/12/10.10-Raushan-Samurzina-eng.pdf.
Sources & References
- Sinopec to build gas chemicals plant in Kazakhstan
- CHINA GIVES MONEY FOR GAS CHEMISTRY
- LG Chem scraps plan for €3.84bn polyethylene complex in Kazakhstan
- Polypropylene plant will be built by the Chinese, but not by Sinopec Engineering
- China allocates over $1 billion for construction of advanced oil processing center in Atyrau
- China invests in construction of Kazakh oil processing center
- 哈萨克斯坦石油加工领域发展和炼厂改造情况
- About the Project
- Kazakhstan Petrochemical Complex
- Atyrau
- Kazakhstan
- China inked $2bln deals
- China and Kazakhstan: Economic Hierarchy
- Dependency and Political Power
- Development Bank of Kazakhstan Base Prospectus 2017 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Development Bank of Kazakhstan JSC (Baiterek or DBK)
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