DBK to finance modernization of oil chemical refinery

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The Development Bank of Kazakhstan JSC will finance the modernization of the Pavlodar oil chemical refinery (POCR). The cost of the turn key contract is more than USD 1.2 B. The project is mainly financed using club-deal loans from Japanese banks. DBK will provide about 25% of required financing in the form of credit for a period of up to 10 years for construction and installation works. Implementation of the project will enable the improvement of quality of engine fuel produced at the plant to the level of conformance to the requirements of K4 and K5 emission classes (conforms to Euro-4 and Euro-5 standards, as well as to expand its refining capacity. Due to its modernization, the productivity of the West-Siberian oil refining plant will be increased from 5M to 7M tons per year. Upon commissioning of the first two unit complexes, POCR will be able to produce engine fuel of K4 class starting January 1, 2016. Full modernization of the plant will run without interruption of its current production until it will be completed in 2017.

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