LyondellBasell reorganization delays finance of Kazakh petrochemical plant

22-Mar-10

The Development Bank of Kazakhstan, which was to finance a US$6 billion natural-gas chemical plant has decided to delay the funding as the project’s strategic partner, LyondellBasell Industries seeks to reorganize. Before the Development Bank of Kazakhstan takes a decision on financing the project, it would want to a clear understanding of this issue. Export-Import Bank of China agreed to help finance the construction of the plant. The gas chemical complex will have capacity to produce 800,000 tpa of polyethylene and 450,000 tpa of polypropylene when completed in 2014. KazMunaiGaz National Co., and KazMunaiGas Exploration Production, a London-traded unit of KazMunaiGaz National, each own 50% of the stake each.