Kazakh Oil Refinery Upgrade Backed By $1.1B From China

Law360, New York (June 6, 2012, 7:50 PM EDT) -- KazMunayGas, Kazakhstan's state oil and gas company, landed $1.13 billion in financing from the Export-Import Bank of China on Wednesday to upgrade its Atyrau oil refinery, a sign of the growing relationship between the Asian leader and former Soviet republic.

The 13.5-year loan will cover most of the $1.68 billion final phase of a complete refinery overhaul the government undertook approximately five years ago, according to a statement KazMunayGas issued Wednesday.

"Our relationship is developing dynamically," Kazakh President Nursultan Nazarbayev told journalists at a briefing in...
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