Astana looks for new partner for $4.1bn Atyrau petrochemical complex

Kazakhstan is looking for a new partner to help build phase two  of the Atyrau petrochemical complex after last month’s decision by  South Korea’s LG Chem  to pull out of the project because of the continued slump in global oil prices.  
“The Kazakhstan project lost its luster because of a steep increase in facility investment amid growing uncertainty,”  an LG Chem spokesman told the The Korea Times. “On a business front, LG’s top management reached a consensus that it wasn’t promising,” 
Its decision brings the curtain down on the 50-50 joint venture it set up with Kazakhstan Petrochemical Industries (KPI) to develop a polyethylene plant with an annual capacity of 800,000 tons a year in western Kazakhstan, and KPI is now looking for a new partner to take the project forward.
51% of KPI is owned by KazMunayGas Exploration Production, an upstream oil production unit of Kazakhstan’s state oil and gas company KazMunayGas, and 49% by SAT.