CN Asia terminates plan to build LPG plant in Kazakhstan

PETALING JAYA: CN Asia Corp Bhd has shelved plans to build a liquefied petroleum gas (LPG) plant in Kazakhstan using natural gas supplied by the Rakushechnoye oil and gas field.
According to filing with Bursa Malaysia yesterday, its unit CNAsia Capital Sdn Bhd and KenMakmur Holdings Sdn Bhd have mutually agreed to let the period for the execution of the proposed LPG and condensate production agreement lapse.
On June 24, CNAsia entered into a framework agreement with KenMakmur Holdings, which has rights to extract 600 metric tonne a day of LPG and 160 metric tonne a day of condensate from the 100.0 million standard cubic feet of gas supplied by Markmore Energy (Labuan) Ltd from Rakushechnoye oil/gas field, for the supply of natural gas to its proposed plant.
Under the agreement CNAsia Capital, at its own cost, was to design, procure, construct and commission a 600 metric tonne a day LPG and condensate production plant using the natural gas that will be located at Kuryk or Aktau Port or any other location to be decided by KenMakmur by December 2017.