Rakishev's Fincraft Group plans to launch Borankol gas processing plant in Kazakhstan in June
The Borankol Gas Processing Plant (GPP) in Kazakhstan is scheduled for commissioning in June 2025, the head of Fincraft Group Kenes Rakishev said.
"Three years ago, we acquired a stake in the Borankol GPP, and together with partners carried out a project to launch this plant. Today, we signed a contract with KazMunayGas for gas processing and purification. We are currently building a gas pipeline. I think it will be completed by the end of May using our own funds. We hope to launch the plant in June," Rakishev said at the Energy Trends forum on Friday.
According to Fincraft Group's website, the Borankol GPP is part of Rakishev's group of companies. The operator of the plant is another Fincraft Group subsidiary, Varro Operating Group LLP.
"This is an interesting project for us in terms of gas chemistry. The Borankol GPP means 3.5 billion cubic meters of processing and production of LNG and LPG [liquefied natural and hydrocarbon gas]. We in turn signed a contract and assumed responsibility. For us, this is a flagship project and a significant opportunity for developing the gas sector," Rakishev said.
The plant is currently operating at only 12% capacity, although it is almost 80% complete, Varro Operating Group's executive director Zhandos Asylkhanov later said during the forum.
"We cannot launch the gas fractionation unit today because the minimum required volume for start-up is 1.2 billion cubic meters, which is not yet in place," he said.
To ensure the plant is sufficiently loaded, the operator is ready to provide infrastructure support to nearby fields.
"Last year, we began exploratory work, and this year we signed a contract with Embamunaygas to launch infrastructure at a gas deposit. This year, we plan to start [deliveries] from the Western Prorva field at 150 million cubic meters and increase that to 650 million cubic meters per year in 2026," Asylkhanov said.
The Munaybai and Bakhyty fields could supply 1-1.2 billion cubic meters of gas per year, he said.
"This means we now have the ability to load the plant to up to 65% of its productive capacity," he said.
Construction of the Borankol GPP began in 2005, with the project valued at $176.5 million. The project's original investor was Tristan Oil, owned by Moldovan businessman Anatol Stati. A few years later, construction was halted. KazMunayGas later became the temporary operator of the GPP. According to several media sources, Rakishev's Fincraft, through its subsidiaries, acquired the plant in 2022.
Fincraft Group LLP (formerly Novacom Corporation LLP) is a holding company solely owned by Rakishev. The company operates in three areas - investment, real estate development and venture financing.
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