Atyrau Refinery raises $297.5 mln loan from Japanese banks for deep conversion facility
ALMATY. Aug 8 (Interfax) - LLP Atyrau Refinery has sealed a loan agreement for $297.5 million with Japan Bank for International Cooperation and Bank of Tokyo Mitsubishi UFJ to finance construction of a deep conversion facility, said National Company KazMunaiGaz.
The agreement was signed in Tokyo on August 8. The loan facility will mature in 13 years and six months.
As reported, Atyrau Refinery raised a loan of $1.13 billion from China's EximBank to finance construction of a deep conversion facility.
The cost of the project, which is to be completed in 41 months, is $1.6799 billion.
The deep conversion facility will produce high-octane gasoline, aviation and diesel fuel as per Euro 5 standards. The facility will process 2.4 million tonnes of feedstock (heavy oil, vacuum gas oil) a year.
The construction contract was signed on December 29, 2011 by Atyrau Refinery LLP and a consortium comprised of Sinopec Engineering (China), Marubeni Corporation (Japan) and JSC KazStroiService (Kazakhstan).
There are three refineries in Kazakhstan: in Atyrau (west), Shymkent (south) and Pavlodar (north). All of them are operated by OJSC KazMunaiGaz Processing and Marketing, which is wholly owned by National Company KazMunaiGaz.
OJSC KazMunaiGaz Processing and Marketing owns a 99.5% stake in Atyrau Refinery, 49.7% in Shymkent Refinery and 58% in Pavlodar Petrochemical Plant.]
