The Project is a brownfield expansion of the operations of Turkuaz Edible Oil Industries, a subsidiary of Savola Edible Oils, through the capital expenditures in the refining facilities. At completion, the overall capacity will approximately have doubled.
The Project is expected to have a strong transition impact including a contribution to the development of sunflower seed cultivation in the Aktobe region, and in the neighbouring regions of Uralsk and Kostanay, in North West Kazakhstan. The Project will also contribute to enhancing competition through the expansion by a skilled international operator in the bottled oil market, leading to the introduction of new high quality products which will ultimately increase consumers’ choice of well packaged branded products in line with international standards and increase the competition for other local as well as foreign operators.
Turkuaz Edible Oil Industries, a sunflower oil producer located in Kazakhstan, and involved in the crushing of sunflower seed, and selling of the refined, bottled oil. Turkuaz is a subsidiary of Savola Edible Oils, an edible oil producer and part of the Savola Group, the leading Saudi Arabian food company.
This is an expansion to the original project approved and signed in September 2005.
The original financing for an amount of USD 16 million and USD 9.25 million was fully disbursed as of the date of this document. This project is an extension to that financing for expansion of the investments in the refining plant. The expansion financing is represented in an EBRD senior secured loan of up to USD 4 million.
USD 49.8 million.
The project was categorised B/1 so requiring an environmental audit and analysis. These were conducted by independent environmental consultants who confirmed that there are no significant environment, health or safety issues associated with, or anticipated for, this project. The Company has all the approvals required by the environmental authorities and has generally been operating in accordance with the required standards. In its recent annual environmental report to the Bank the Company confirmed that it continues to operate in accordance with national environmental requirements. Some improvements were required, particularly with regard to waste water treatment and the improvement of a range of environmental management issues. An environmental action plan ("EAP") was developed to address these issues including the reconstruction of the waste water treatment and fire water storage facilities and the management and environment, health and safety issues by the Company. The Company has confirmed that it is implementing the EAP and has taken a number of actions including the development of a health and safety management system and the purchase of new training software for the training of workers on health and safety issues. The Company will ensure that its expansion plans are structured to meet both national and EU environment, health and safety standards and the Bank will continue to monitor this and the implementation of the EAP.
Turkuaz Edible Oil Industries LLP
41, Razyezd, Kursantskoe Highroad
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