China to invest in Kazakhstan's Aktyubinsk region
Date
12/4/2017 8:57:56 AM
(MENAFN- AzerNews) By Kamila Aliyeva
Chinese corporation Tianjin Bohua Petrochemical will invest $4 billion in the construction of a factory which is expected to produce polyethylene and polypropylene from natural gas in the Aktyubinsk region of Kazakhstan.
The memorandum of cooperation was signed within the framework of the working visit of the Akim of Aktobe region Berdybek Saparbayev to Beijing.
The project is planned to be implemented in two stages - the production of 1.8 million tons of methanol from Natural gas with two complex installations a year, as well as 300,000 tons of ethylene, 300,000 tons of polyethylene and 300,000 tons of polypropylene with two complex installations per year.
The construction of the plant will create 3,000 new jobs. The main markets will be China and Kazakhstan. The products can also be supplied to neighboring countries.
Saparbayev and President of Tianjin Bohua Petrochemical (a subsidiary of Tianjin Bohai Chemical Industry Group) Zhou Kai discussed the training of Kazakh personnel in the framework of the project, the use of new technologies, the provision of natural gas and electricity required for the production process, as well as compliance with the environmental legislation of Kazakhstan.
The project is planned to be implemented within two to three years after the preparatory work.
In the course of Saparbayev's visit four more documents on cooperation were signed. The documents provide for the implementation of investment projects in the production of chemical products for the oil and gas industry in the Aktyubinsk region (Shandong Petroleum Engineering Company Qihai), electronic equipment for geophysical and seismic exploration (Gianfoshi Technology Company Xian Luhai), drilling tools (Dongying Weima Petroleum Drilling Tool), as well as the construction of a cement plant with a capacity of 2,500 tons per day (Hong Kong company Sino-Harbor Construction Group).
The foreign trade turnover between Kazakhstan and China in the first eight months of 2017 increased by 31 percent and amounted to $6.5 billion. Kazakhstan's exports amounted to $3.5 billion showing an increase of 28 percent, while imports grew by 36 percent and equaled to $3 billion.
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