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Korean company may invest up to USD 1.3 bln in Kazakh polypropylene plant

April 07/2011

(Central Asia Newswire) -- A South Korean company hopes to invest up to USD 1.3 bln in a new Kazakh factory. Leading South Korean chemical manufacturer LG Chem is seeking to invest up to USD 1.3 bln in a Kazakhstan facility to produce polypropylene, a material used in laboratory equipment, textiles and packaging. Kazakh energy officials are also looking for another partner in the venture located in the Western Caspian Sea province of Atyrau.


International Petroleum Investment Company (IPIC), headquartered in the Gulf emirate of Abu Dhabi, tops their list of potential investors, the news agency reported Kazakh Vice-Minister of Oil and Gas Aset Magauov as saying.


Total investment in the integrated chemical complex is expected to reach USD 4 bln. South Korean banks will provide USD 2.7 bln toward the project, while the remaining USD 1.3 bln will be invested by the participants.


The Atyrau chemical plant will initially produce 551 KTa of polypropylene. Output will be ramped up to 882 KTa with launch of the facilitys second phase.


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