Kazakhstan�s Atyrau Refinery Upgrade To Be Funded From Japan

Kazakh state firm KazMunaiGaz (KMG) announced on 8 August an agreement with the Japanese Bank for International Cooperation (JBIC) and the Bank of Tokyo Mitsubishi UFJ, for partial funding of the upgrading of Atyrau refinery. The Japanese banks will provide a loan of $297.5mn. Japan�s Marubeni Corporation was awarded a contract by KMG in December for the upgrade, with completion scheduled for 2015. Marubeni said that the project would be undertaken as part of a consortium with China�s Sinopec Engineering and local firm KazStroyService. A company statement added: �The total project amount is approximately $1.7bn. The Atyrau refinery is the largest in Kazakhstan and refines 100,000 b/d of crude. In this third phase [of modernization], the plan is to reinforce the production of oil products to suit European environmental standards by installing new processing equipment, including fluid catalytic cracker (FCC) units.�

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