KazMunayGas, Sinopec, SIBUR discuss Polyethylene project implementationA trilateral meeting on the Polyethylene project between Kazakhstan's KazMunayGas JSC (KMG), Chinese Sinopec and Russian SIBUR was held in China, the KMG press service reports.The parties discussed the current status of the Polyethylene project, including the completion of the procedures for Sinopec’s legal entry into the project, which, as previously reported, is planned for the first quarter of 2024. The project has already entered the active EBD (Extended Basic Design)/FEED (Front End Engineering Design) stage.“We discussed technical aspects and resource planning for the implementation of the Polyethylene project. This year we expect the final investment decision to be made, which will be the starting point for moving to an important stage - the start of construction,” Magzum Mirzagaliyev, Chairman of the Board of KMG, is quoted as saying in a press release.The Polyethylene project involves the construction of a polyethylene production plant with a capacity of 1.25 million tonnes per year in the Atyrau region (western Kazakhstan).In November 2022, the state fund Samruk-Kazyna, KazMunayGas, SIBUR Holding and petrochemical projects’ Polypropylene and Polyethylene operating companies signed the documents on forming the joint ventures on the basis of Kazakhstan Petrochemical Industries and Silleno LLP (Project Polyethylene). The parties determined the terms of the partnership in the joint venture, in particular, investment in the project, as well as the procedure for selling the enterprise’s finished products.In May 2023, Chinese Sinopec signed the agreement on joining the Polyethylene project as a full partner. The final investment decision is expected in mid-2024.According to KMG, KazMunayGas will own 40% in this project, Sinopec - 30%, and Russian SIBUR - 30%. The estimated cost of the project is $7.7 billion. The plant is expected to be completed in 2028. (ICE ALMATY)

Fonte notizia: INTERFAX