On March 24, 2018, during the official visit of President of the Republic of Kazakhstan (RK) Nursultan Nazarbayev to the United Arab Emirates (UAE), the Minister of Energy of the Republic of Kazakhstan Kanat Bozumbaev signed two important documents on cooperation in the implementation of gas chemical projects in Kazakhstan.

In particular, the Ministry of Energy of the Republic of Kazakhstan, Samruk-Kazyna FNL (United Chemical Company LLP), Austrian company Borealis signed the TermSheet Agreement on the main terms of cooperation under the Polyethylene Production Project (1,250 million tons per year) in the Atyrau region.

The signed Agreement (TermSheet) fixes a package of state support measures and stipulates the transition to the design stage (development of a feasibility study).

The planned period for completion of the feasibility study is 2018.

For reference: Borealis is one of the top 4 largest polyethylene producers in the world, being one of the most high-tech and high-margin companies. Shareholders of Borealis are Mubadala (UAE) - 64% and OMV (Austria) - 36%.