Chinese company China Pingmei Shenma Holding Group is considering the possibility of implementing a large-scale coal-chemical complex in Kazakhstan with investments up to $1.5 billion. This was reported by Qazaqyia.kz citing Sputnik Kazakhstan.
According to the Ministry of National Economy, the project involves the creation of a full-cycle enterprise for deep processing of coal, producing high value-added products. Representatives of China Pingmei Shenma Holding Group announced their intention to create a modern, integrated, full-cycle coal-chemical complex in Kazakhstan and consider the republic as the group's main investment center in Central Asia.
Minister of National Economy Serik Zhumangarin discussed this issue with heads of leading industrial and agro-industrial holdings of China at the QazTrade (Center for Trade Policy Development) office in Urumqi. He supported the initiative and invited the Chinese side to visit Kazakhstan soon to implement the project.
"We actively support projects in the coal-chemical sector. We are ready, together with the Baiterek holding and the Development Bank of Kazakhstan, to provide project support and develop financing mechanisms. The Abai region is also open for cooperation and ready to provide sites for the project," he said.
Following the negotiations, China Pingmei Shenma Holding Group and the QazTrade Center for Trade Policy Development signed a memorandum of strategic cooperation on the development of coal resources and the coal-chemical industry in Kazakhstan.