Kazakhstan's KazAzot JSC and China's Inner Mongolia Berun Holding Group Co. Ltd will build a gas chemical complex worth over one trillion tenge in Kazakhstan's Aktau city, the Kazakh media cited deputy head of the local government of Mangystau region Sholpan Ilmukhanbetova.

Ilmukhanbetova stressed that this project is planned to be implemented in the second half of this year.

"The complex will produce methanol, nitrogen fertilizers and olefins," she said.

"The gas chemical complex will be built in three stages," she said. "First of all, methanol and nitrogen fertilizer production plants with a capacity of 400,000 and 600,000 tons of products per year, as well as a gas power plant with a capacity of up to 300 MW of electricity will be built."

Ilmukhanbetova said that KazAzot has already reached an agreement with the Chinese partner on the establishment of a joint venture, which will become the parent company for a number of legal entities.

The Kazakh side will have a 39 percent share in the project, while the Chinese side - 61 percent.

In general, the total capacity of the whole project will be as follows: methanol - about one million tons per year, nitrogen fertilizers - 1.2 million tons, olefin - up to 600,000 tons per year.

Inner Mongolia Berun Group Co., Ltd. operates in the fields of the chemical industry, energy, financial services, food processing and logistics.

KazAzot JSC is Kazakhstan's producer and exporter of ammonia and ammonium nitrate.

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