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Posted on Dec 14, 06:28AM | IANS
China's state-owned China Development Bank (CDB) will provide a USD 1.8 billion loan to finance a gas pipeline project in Kazakhstan, the KazTransGas company said Thursday.
The loan will be allocated to Beineu-Shymkent Gas Pipeline LLP, controlled 50-50 by KazTransGas and the China National Petroleum Corporation (CNPC).
The project to build the Beineu-Shymkent gas pipeline, which will connect all major Kazakh pipelines into a single network, is being implemented jointly by Kazakhstan's national oil and gas company KazMunayGas and the CNPC.
The project was agreed by Kazakhstan and China in a bilateral agreement.
The 1,475-km Beineu-Shymkent pipeline, which will link gas-rich western Kazakhstan to consumers in the south, is the second stage of the planned Kazakhstan-China Gas Pipeline.
The first leg of the pipeline, Beineu-Bozoy, is set for completion in October 2013.