Cancelled: China Eximbank $1.4 billion USD loan for Atyrau Petrochemical Complex Construction Project (Linked to Project ID#53553 and #53547)
Commitment amount
$ 1721832253.8777883
Adjusted commitment amount
$ 1721832253.8777883
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Kazakhstan
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Description
In 2009, Kazakhstan Petrochemical Industries (KPI) LLP signed an Engineering, Procurement, and Construction (EPC) contract with Sinopec Engineering Co., Ltd. (through Sinopec Group subsidiary China Petroleum & Chemical Corporation) for the first stage of construction of Atyrau petrochemical project. On February 22, 2011, the Development Bank of Kazakhstan JSC (DBK) entered into a $1.4 billion USD credit agreement with the Export-Import Bank of China to finance the construction of the integrated petrochemical project. However, as of 2017, no amounts had been drawn down under this credit agreement. This was due to the mutual termination of the EPC contract between KPI and Sinopec in August 2014. Therefore, AidData has assumed that the China Eximbank loan was cancelled (since the proceeds of this loan were to be used to fund the EPC contract with Sinopec). The project was planned to include the construction of a polypropylene plant with the capacity of 500,000 per year. It was set to be complete by 2014. On September 3, 2016, China Development Bank (Xinjiang Branch) signed a $2 billion USD loan agreement with KPI for the construction of the Atyrau petrochemical project, as captured by linked project ID#53553.
Additional details
This project was funded through the $1.5 billion unrestricted portion of China Eximbank's Master Loan Facility with the Development Bank of Kazakhstan JSC, as captured by project ID#53547 (see pg.66-67 of "Development Bank of Kazakhstan Base Prospectus 2017"). The complex was located in a special economic zone (SEZ) called the National Industrial Petrochemical Technopark Special Economic Zone, which was 33 km to the northeast of the city of Atyrau, and 8-9 km north to north of Karabatan (see "About the Project"). More detailed locational information can be found at http://www.wraconferences.com/wp-content/uploads/2016/12/10.10-Raushan-Samurzina-eng.pdf.
Number of official sources
4
Number of total sources
12
Details
Cofinanced
No
Direct receiving agencies [Type]
Development Bank of Kazakhstan JSC (DBK) [State-owned Bank]
Implementing agencies [Type]
China Petroleum & Chemical Corporation (Sinopec Ltd.) [State-owned Company]
Sinopec Engineering (Group) Co., Ltd. (SEG) [State-owned Company]
Development Bank of Kazakhstan JSC (DBK) [State-owned Bank]
Kazakhstan Petrochemical Industries LLP (KPI) [Joint Venture/Special Purpose Vehicle]