News wire — China’s Sinopec said it has agreed key terms with Kazakh state-owned oil and gas firm KazMunayGaz to build a gas-based petrochemical complex in Kazakhstan’s Atyrau region and a final investment decision will be made in 2024.
The agreement was signed on the sidelines of the ongoing China-Central Asia Summit in Xian in China’s Shaanxi province, where China President Xi Jinping is meeting with the leaders of five ex-Soviet countries to discuss enhanced cooperation in a range of fields, including energy.
They also agreed to build two polyethylene facilities each sized at 625,000 tonnes a year, the report added.
President Xi met with Kazakh counterpart Kassym-Jomart Tokayev on Wednesday, where the two discussed deepening trade and economic ties between the countries.
Investment between China and the five nations reached a record high of more than $70 billion in 2022.
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