Kazakhstan gets $1.8 bn Chinese loan for gas pipeline

Last Updated: Thu, Dec 13, 2012 16:10 hrs

Almaty, Dec 13 (IANS/RIA Novosti) China's state-owned China Development Bank (CDB) will provide a $1.8 billion loan to finance a gas pipeline project in Kazakhstan, the KazTransGas company said Thursday.

The loan will be allocated to Beineu-Shymkent Gas Pipeline LLP, controlled 50-50 by KazTransGas and the China National Petroleum Corporation (CNPC).

The project to build the Beineu-Shymkent gas pipeline, which will connect all major Kazakh pipelines into a single network, is being implemented jointly by Kazakhstan's national oil and gas company KazMunayGas and the CNPC.

The project was agreed by Kazakhstan and China in a bilateral agreement.

The 1,475-km Beineu-Shymkent pipeline, which will link gas-rich western Kazakhstan to consumers in the south, is the second stage of the planned Kazakhstan-China Gas Pipeline.

The first leg of the pipeline, Beineu-Bozoy, is set for completion in October 2013.

--IANS/RIA Novosti


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