Interfax.EDB may fund EuroKhim projects in Kazakhstan.

11.09.2009

Interfax

EDB may fund EuroKhim projects in Kazakhstan

MOSCOW/ALMATY. (Interfax) — The Eurasian Development Bank (EDB) may provide financing to the Russian Eurokhim Mineral and Chemical Company (EuroKhim) for development of phosphate fields in Kazakhstan,a mining-and-processing integrated plant and production of chemical fertilizers.

According to EuroKhim press release,the company has signed a memorandum of understanding with the EDB. The parties agreed to consider possibilities of project financing,negotiate the terms and coordinate their views. The final decision on financing the project the bank is expected to announce in 2010.

As reported,in late October last year Eurokhim Company purchased a state-owned stake (50.7%) in Sary-Tas OJSC in Zhambyl region (southern Kazakhstan) and established a new company, Eurokhim-Fertilizers LLP. Eurokhim pledged to invest $2.63 billion until 2015 to produce annually sulphuric acid (1.6 million), ammonia (700,000),nitrate of ammonium (1 million tons),nitric acid (360,000 tons),phosphoric fertilizer (1 million tons).