Biochim plant may be sold to KMG’s subsidiary for $38.5 million
Edited by Rhod Mackenzie / 2015-10-02 07:58:30
Kazakhstan Oil and Gas Refining Petrochemicals PolymerUpdate Kazakhstan Oil and Gas KazMunayGas Production and Refining
Currently stood idle plant Biochim in the North-Kazakhstan region can be sold to KazMunayGas - Processing and Marketing for $38.5 million, Investment Fund of Kazakhstan informed.
The plant Biochim was officially launched in September 2006 as a part of the program "30 break-through projects". It should produce ethanol from corn, which increases the octane number of gasoline and makes it environmentally friendly. However, since the start of the operation, problems with sales began at the plant, and as a result, Biochim has got into the list of the worst debtors on wages and taxes, which amounted to tens of millions of tenges. Currently, the plant stands idle.
