Kazakhstan hopes LG to build petrochemical plant in Atyrau

Bishkek (AKIpress) – 3fd9efa0fefa355398b695630b898d70President of Kazakhstan Nursultan Nazarbayev, who is completing his South Korea visit on November 11, told reporters that he discussed with the LG and other South Korean firms implementation of the major petrochemical project in Kazakhstan.

“We discussed the participation of South Korean companies, especially LG, in major project – petrochemical plant construction,” said the President of Kazakhstan.

South Korea’s biggest chemical firm LG Chem announced in Janurary 2016 that it has decided to give up a plan to jointly build a $4.2 billion petrochemical plant in Kazakhstan due to the continued slump in oil prices. “The Kazakhstan project lost its luster because of a steep increase in facility investment amid growing uncertainty. On a business front, LG’s top management reached a consensus that it wasn’t promising,” the company said in a statement on January 26, 2016.

Nazarbayev said in media briefing that this visit was necessary to once again boost the Kazakh-Korean partnership.

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