Chevron fund to invest $23.5 mln in ferroalloy project in Kazakhstan's Pavlodar region

ASTANA. Feb 10 (Interfax) - Chevron Direct Investment Fund (CDIF) has signed a $23.5 million investment agreement with Mineral Product International LLP (MPI) to finance the construction of a ferroalloy plant in Kazakhstan's Pavlodar region, CDIF said.

The project provides for the construction in the Pavlodar region of a plant that will produce about 80,000 tonnes of FeSi-75 ferrosilicon per year, with more than 500 jobs to be created.

"This is a key project for MPI, reflecting our commitment to expanding production capacity and introducing modern technologies. We are confident our cooperation with CDIF will allow us to implement it at a high level and create a new growth driver for the region," said Sergei Kan, a shareholder in Mineral Product International.

Deputy Managing Director of Chevron Eurasia Business Unit Dylan Morgan said that Chevron's partnership with Kazakhstan spans more than 30 years. "We intend to continue contributing to the country's economic development, and the MPI project opens a new chapter in supporting Kazakhstan's industrial sector," he said.

Chevron Direct Investment Fund is registered at the Astana International Financial Centre (AIFC) and invests across a range of sectors in Kazakhstan's economy.

Mineral Product International LLP was registered in November 2021 in Ekibastuz, Pavlodar region, and is now implementing a project for the construction of a ferroalloy plant in Ekibastuz.