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Kazakh SWF Unit May Borrow $3B

United Chemical, a unit of Kazakhstan’s sovereign wealth fund is planning to borrow nearly $3 billion from banks next year.

United Chemical, a unit of Kazakhstan’s sovereign wealth fund (SWF), is planning to borrow nearly $3 billion from banks next year, Bloomberg reports. The chemicals producer, controlled by National Wellbeing Fund Samruk-Kazyna may hire banks, including HSBC, for project-financing loans.

The producer is planning to spend $20 billion to build chemical plants in the next 15 years. The company is in discussions with Lanxess, a German chemical maker, for an $800 million project to produce the petrochemical used to make synthetic rubber. The Kazakh SWF’s holdings include energy company, KazMunaiGaz National, and uranium miner, Kazatomprom.

Click here for the story from Bloomberg.

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