ASTANA, June 26. /TASS/. Kazakhstan Petrochemical Industries Inc. LLP has signed a loan facility agreement worth $150 mln with the Eurasian Development Bank (EDB), the press service of the development bank said in a statement.

"Kazakhstan Petrochemical Industries Inc. has signed a $150 million credit facility agreement with the Eurasian Development Bank to finance the company’s ongoing operations," the statement reads.

Located in Kazakhstan’s Atyrau Region, Kazakhstan Petrochemical Industries Inc. focuses on the production of high-value propylene using gas from the Tengiz field. With a design capacity of 500,000 tons of polypropylene granules per year, the company has established stable supply chains within Kazakhstan, as well as to CIS and EU countries, Turkey, and China, the press service said.

"The enterprise was commissioned on 8 November 2022, and just ten days later it shipped its first batch of finished products. Once it reaches its full design capacity, it will be able to meet the entire domestic demand for these products," according to the statement.

The project has had a positive social and economic effect in the region, the EDB said, adding that the construction phase generated over 4,000 jobs and involved 43 local companies, with the operational phase employing more than 600 individuals.

Kazakhstan Petrochemical Industries Inc. is the operator of the project for construction of the first integrated petrochemical complex in the Atyrau Region.