China, Iran closes USD6b oil refinery deal with Kazakhstan

(MENAFN) In cooperation with Iran and China, Kazakhstan plans to construct its fourth oil refiner which will be situated in Mangistau Oblast, based on the latest released reports.

The estimated minimum sum of investment in the building of the project is valued at USD6 billion. Chinese firms, however, are willing to enter the project with investments projected at USD5 billion.

Iran showed interest in the project since most of the oil refineries are in the north, thus Kazakhstan, close to Iran's north, is a good candidate for a new partnership in oil swaps.

Kazakhstan has three oil refineries, in Pavlodar, Atyrau and South Kazakhstan Oblasts. However, according to Governor of Mangistau, they do not cover Kazakhstan's needs for petroleum products.