European law firm Fieldfisher has advised Atyrau Oil Refinery LLP and its guarantor and parent company JSC National Company "KazMunayGas" in relation to a US$80 million loan from the European Bank of Reconstruction and Development (EBRD).
The loan documentation was signed on 3 June 2021.
The purpose of the loan is to upgrade wastewater treatment facilities at Kazakhstan’s Atyrau refinery, including constructing a secure 3.5km sewage pipeline, modernisation of industrial wastewater treatment facilities and overhaul 860 hectares of evaporation ponds, in compliance with the high environmental standards set by EBRD.
The project implementation will result in: (i) an improvement of water efficiency; (ii) the minimisation of adverse ecological impacts by remediating the evaporation ponds; and (iii) a reduction of greenhouse gas (GHG) emissions and volatile organic compounds.
The Atyrau Oil Refinery is based in the city of Atyrau, which is the capital of the Atyrau region in western Kazakhstan located at the mouth of the Ural River on the Caspian Sea, 2,700km west of Almaty.
Commenting on the completion of the loan arrangements, Fieldfisher corporate partner Nodir Sidikov said:
"We are pleased to have assisted Atyrau Oil Refinery on securing this loan from EBRD to assist the company with making much-needed sustainability improvements.
"The availability of such funding is proving vital in helping heavy industry reduce its impact on the environment and play its part in delivering a greener future.
"Environmental, social and corporate governance is high on the agenda of many companies and institutional investors and we are delighted to be helping clients meet their ESG objectives."
On announcing the loan, EBRD said:
"Once implemented, the project will increase water reuse and reduce the withdrawal of freshwater from the Ural River.
"The latter is especially important for the Atyrau region, known for its low levels of rainfall throughout the year."
The Fieldfisher team advising Atyrau Oil Refinery was led by corporate partners Nodir Sidikov, banking and asset finance partner Andrew Evans and senior associate Irina Mikhnova. They were assisted by associates Sebastian Crawford, Galina Rivkina and Anastasiya Kapustina, and solicitor Kuanysh Sarsenbayev.
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