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.
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