The loan, repayable over 13-and-a-half years, will help KazMunaiGaz upgrade its Atyrau oil refinery, located on the northern shore of the , to produce cleaner fuels.
The engineering arm of Chinese crude oil producer and Kazakh engineering and construction company JSC KazStroyService. The upgrade is expected to take three-and-a-half years.
According to Reuters, China receives roughly a fifth of Kazakh oil and gas exports and, in turn, has invested as much as $15 billion in the Central Asian country over the past decade or so.
Baker & McKenzie is advising the Export-Import Bank of China and KazMunaiGaz has turned to Morgan Lewis for legal advice. The Morgan Lewis team included partners Bruce Johnston in London, Lucas Chang in Beijing, and Lisa Yano in Tokyo.