The document was signed by Roman Sklyar, Kazakh Deputy PM, and Nail Maganov, Gen. Director of TATNEFT, Andrey Lavrentyev, Chairman of the Board of Directors of Allur Group of Companies and Directors of the companies participating in the joint venture KamaTyresKZ.
The agreement contains measures of state support for the project to create a modern high-tech production of automobile tyres in Kazakhstan, including co-financing of the project, the provision of tax preferences, as well as the implementation of a set of measures to protect the tyre products market in Kazakhstan and support the domestic manufacturer, as well as a number of measures to protect the rights and interests of TATNEFT as a foreign investor.
Nail Maganov said:
- our joint project to create a tyre production in Kazakhstan is successfully developing.
- huge amount of work has been done since signing the Investment Agreement in September 2020
- the engineering design work is underway, tenders for the main technological equipment are being arranged
- We are planning to go to the construction site in the spring 2021
- this agreement will become an incentive for further large-scale strategic partnership in other areas
- incl. the involvement the development of high-viscosity oil fields, using equipment, materials & technologies developed in Tatarstan
Taking into account related industries the start of production in 2022 will create more than 1 150 jobs. The car tyres will be sent to the primary assembly of cars produced in Kazakhstan, the secondary market, as well as for exporting to neighboring countries.
TATNEFT is one of the largest public companies with a market capitalization of over $28 billion at the end of 2019.
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