On April 01, 2019, in Akorda, the Head of State, Kassym-Jomart Tokayev, met with the CEO of Borealis, Alfred Stern.
On the same day, a meeting was also held with the Prime Minister of the Republic of Kazakhstan, Askar Mamin, and CEO of Samruk-Kazyna JSC, Akhmetzhan Yessimov.
During the meeting, issues related to the development of the petrochemical industry and joint implementation with Borealis of the project for the construction of the “Gas chemical complex in Atyrau region” (hereinafter – the Project) were discussed.
In accordance with the agreement on joint implementation of the Project signed on March 24, 2018, United Chemical Company LLP (a 100% subsidiary of Samruk-Kazyna JSC) and Borealis are currently developing the feasibility study (hereinafter – FS) of the Project.
The Government of the Republic of Kazakhstan and Borealis are at the final stage of developing the Intergovernmental Agreement (hereinafter – the IGA) and Agreement for Governmental Support (hereinafter – AGS), which are scheduled to be signed by the end of 2019. This indicates the serious intentions of the Republic of Kazakhstan to attract large international investment funds and multinational corporations.
The Project includes 2 polyethylene production units with a capacity of up to 1 250 thousand tons per year and cost of which is about USD6.8 billion, based on Borealis patented Borstar® technology.
The successful implementation of such a large-scale and export-oriented Project will create new jobs for highly qualified specialists, increase the share of the manufacturing industry, diversify the country’s economy and will give impetus to the development of SMEs on the basis of manufactured products.
Summing up, the participants of the meeting noted the significant progress achieved so far in the development of the FS; Mr. Stern highly appreciated the support provided to the Project by the Government of the Republic of Kazakhstan.