The Japan Financial institution for Worldwide Cooperation (JBIC; Governor: Hiroshi Okuda) signed right now a purchaser’s credit score (export credit score) settlement totaling up to 178.5 million U.S. dollars (JBIC’s portion) with LLP Atyrau refinery (AR), a subsidiary of state-owned oil and fuel firm JSC NC KazMunayGas in the Republic of Kazakhstan that is engaged in oil refining and the advertising of petroleum products. This mortgage is cofinanced with The Financial institution of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), and Nippon Export and Funding Insurance coverage (NEXI) offers Purchaser’s Credit score Insurance for the portion cofinanced by BTMU. The general cofinancing quantities to 297.5 million U.S. dollars.
This loan will mainly fund the acquisition of a fluid catalytic cracker (FCC) and associated plant tools by Marubeni Corporation as a part of the modernization project supposed to attenuate the environmental influence of the manufacturing course of within the Atyrau Oil Refinery operated and maintained by AR in Atyrau Metropolis, Kazakhstan.
Kazakhstan, endowed with an abundance of oil and natural gas, has sustained growth centered around pure resource improvement. The government had set the target of modernizing and diversifying the nation’s business in its 5-12 months Plan that started in 2010. This Venture is anticipated to meet the domestic demand of petroleum products by means of the modernization of the relevant facilities. JBIC’s help for the export of FCC and related equipment by a Japanese company will result in the creation of enterprise opportunities in the oil refinery and petrochemical sectors, thereby contributing to sustaining and bettering the worldwide competitiveness of Japanese industries.