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National company QazaqGaz has successfully issued $700 million in Eurobonds on the Astana International Financial Centre (AIFC) Exchange, according to Tizgin.kz. The 10-year notes carry an annual coupon rate of 5.625%.
The transaction was spearheaded by Citi and J.P. Morgan, acting as joint global coordinators. Halyk Finance served as the local lead manager, with Freedom Broker acting as co-manager.
The capital raise follows the Kazakh government’s mandate for QazaqGaz to independently construct a gas processing plant (GPP) at the Karachaganak field with an annual capacity of 5 billion cubic meters. Officials had previously indicated that Eurobond issuances would be a primary funding vehicle for the project.
While the project was originally intended to be executed by the international consortium operating the Karachaganak field, the Ministry of Energy confirmed last summer that two years of negotiations with the shareholders had failed to reach an agreement. Consequently, Kazakhstan made the strategic decision to move forward with the project using national resources. Recent reports indicate that operators had initially requested an additional $1 billion in state funding for the facility’s construction.
Japanese industrial company Toyo Engineering Corporation has launched a large-scale modernization project at Turkmenistan’s Gyyanly Polymer Plant. The initiative was announced by Tetsuji Miyazaki, director of the company’s office in Turkmenistan, during the "White City Ashgabat" conference.
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On the directive of President Kassym-Jomart Tokayev, Kazakhstan has commenced pre-project work for the construction of a new, large-scale oil refining complex designed to handle up to 10 million tons of crude oil annually.