Kazakhstan to build new refinery jointly with Iran

Jul 16, 2015 12:00 AM

Kazakhstan will construct a new - fourth refinery in the Mangistau region, Rakimbek Amirjanov, the deputy akim of the Mangistau region said at a briefing on July 15.

He also noted that the construction of the refinery will be conducted jointly with Iran, local Kazakh media reported.

"Akimat is considering the construction of Kazakhstan's fourth refinery jointly with the Iranian side. We have conducted an analysis and received a confirmation from the Iranian side," he stressed. "Currently, we have offered to jointly construct a refinery. It will be located in the Mangistau region. Oil products will be sent from Mangistau to the northern ports of Iran."

Amirjanov went on to add that Iran and Kazakhstan have already held a number of official negotiations. Also, there are large companies in Kazakhstan that are interested in investing in this project.

A feasibility study of the project on construction of the fourth refinery should be completed in the near future and a relevant agreement for the construction of the refinery will be signed by the end of the year. The approximate minimum amount of investment in the construction of the project is estimated at $6 billion.

Kazakhstan has some oil refineries, which are located in Shymkent (country's southern part), Atyrau (western part) and Pavlodar (northern part).

They do not meet the needs of the petroleum products market of the country. The deficit in the country is about one and a half million tons or 30 percent of the total market.

Due to this, the country is now upgrading all the existing oil refineries, and this process will end in 2016. As a result, Kazakhstan's needs in light oil products, corresponding to Euro 4 and Euro 5 quality standards, will be fully met in 2017-2022.

Earlier Kazakhstan refused the construction of the fourth refinery. However, in December 2014, President Nursultan Nazarbayev said that Kazakhstan needs to build a new oil refinery, not to be dependent on the fluctuations of the world raw material prices.

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