TOO KamaTyresKZ (a joint venture of Russian oil company Tatneft, TOO AllurTyres and the Ministries of the Republic of Kazakhstan) has announced a package of agreements confirming the provision of state support measures for the construction of a tire manufacturing factory in Saran, Kazakhstan.
The documents regulate the main agreements of the parties on investment preferences during the construction of the factory, the investment obligations of TOO KamaTyresKZ, as well as the conditions for Kazakhstan to extend a land plot grant-in-kind for the implementation of the investment project.
The joint venture establishment provides for the construction of a new factory in Kazakhstan, with an annual capacity of 3 million passenger and light truck tires, as well as 500,000 SSC truck tires. Investment in the project is intended to be US$284m. Production is expected to start in 2022, with the factory expected to reach the full design capacity in 2024.
There will be 1,116 jobs created within the project. Car tires will be sent to Russia, Kazakhstan and Central Asian countries.
