Chevron invests $10 mln in bioethanol production at Kazakh plant

ASTANA. May 14 (Interfax) - Chevron Direct Investment Fund Ltd. (CDIF) is investing $10 million in the expansion of bioethanol production by the Kazakh company BioOperations, CDIF's press service said.

"The private company Chevron Direct Investment Fund Ltd. has signed an investment agreement with the Kazakh company BioOperations LLP, a producer of bioethanol. The $10 million investment will be directed towards business expansion and the creation of additional jobs," it said.

BioOperations is part of the KazFoodProducts group of companies and is a leading enterprise in Central Asia for deep grain processing. At its plant located in the city of Taiynsha in the North Kazakhstan region, the company produces fuel-grade bioethanol, wheat starch, wheat gluten, DDGS feed and carbon dioxide.

Kazakh wheat is used as raw material, and the plant's processing capacity exceeds 250,000 tonnes of grain per year. The company exports the bulk of its products to the U.S., European and Asian countries.

The partnership with an international investment fund will help attract long-term investments and expand opportunities for product distribution, the press service quoted Erik Balapanov, the chairman of KazFoodProducts holding's supervisory board, as saying.

Chevron Direct Investment Fund continues to explore investment opportunities in Kazakhstan with the goal of supporting the development of local enterprises across various industries, the company said.

According to its website, CDIF is an investment vehicle of Chevron Corp. , aimed at supporting Kazakhstan's economy through investments in local commercial enterprises across various industries.

Chevron Direct Investment Fund Ltd. is a private company registered in the Astana International Financial Centre (AIFC).