Hurricane in Kazakh JV for rail transhipment terminal to China

Nov 21, 1997 01:00 AM

Hurricane Hydrocarbons Ltd. has formed a joint venture with the Eastern Gate company of Kazakhstan to complete a rail transhipment terminal at Druzhba on the Kazakh-Chinese border. The transhipment terminal will handle crude oil and refined products, and is a strategic element of Hurricane's export marketing program.
The partially completed terminal, in which Hurricane has a 66.7 % interest, will cost approximately $ 10 million to complete and will have a throughput capacity of 1 million tonnes per year (20,000 bpd). Potential throughput, with expansion, is 5 mm tpy. Hurricane has committed to invest $ 6.7 million by September 1998, Eastern Gate will be responsible for $ 3.3 million. The venture has been registered as a limited liability partnership under the name Hurricane -- Dostyk. Hurricane expects to commission the terminal by July 1998.
"This terminal will accelerate Hurricane's access to export markets far in advance of any proposed pipelines and will afford Hurricane the opportunity to realise a higher price per barrel crude oil," says John Komarnicki, President and CEO of Hurricane. "The Republic of Kazakhstan will also benefit through increased royalties and taxes associated with the higher oil revenues."

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