On April 3, 2014, more than 30 members of the Association of Service Companies of Kazakhstan and the leaders of JSC SB Sberbank took part in the business breakfast, which was held under the Oil and Gas 2014 Atyrau exhibition. Today, the major projects are implemented in the Western region of Kazakhstan. In particular, Tengizchevroil’s Future Growth Project, the construction of the petrochemical complex and modernization of the Atyrau oil refinery. Service companies and manufacturers sign the contracts, but these companies sometimes lack the resources for mobilization and revolving funds.
In this regard, JSC SB Sberbank has developed a unique offering for Kazakh companies concerning the investment in new projects. In particular, during the business breakfast JSC SB Sberbank presented its new financial product: "Contract funding for oil service companies and manufacturers, involved in the projects of Tengizchevroil LLP”.
This service is available to companies participating in the tenders, organized by the large companies, including tenders of Tengizchevroil and its general contractors. JSC BS Sberbank may finance up to 80% of the contract amount of the oil service company and the manufacturer with the oil and gas company, but not more than the amount of the contract prime cost. In addition, JSC BS Sberbank may allocate up to KZT 24 billion to a single borrower with a term up to 5 years.
The most important thing is that the collateral will be presented by the concluded/valid contract with Tengizchevroil LLP, and no more collateral is required.
During the business breakfast, the management of the companies asked a series of questions and expressed gratitude for the business breakfast organization.
The Association is planning to conduct such activities in the future.