Production is slated for 2026, according to Tatneft.
As stated during the signing of a framework agreement in April. most of the finished products are to be supplied to the KamaTyresKZ tire factory, currently under construction in Saran, Kazakhstan.
The plant also will export to European countries, Russia, China and Turkey, Tatneft added.
"Tatneft has big plans in petrochemistry, and we are happy to develop this area together with our Kazakh partners," said Nail Maganov, general director of Tatneft, noting Kazakhstan is a "strategic partner" for the Russian oil company.
"We have assured ourselves once again that Kazakhstan has created the most comfortable conditions for the implementation of large-scale investment projects," he added. "I am confident that a new joint venture for the production of butadiene rubbers will contribute to strengthening the economies of our countries and the well-being of our people."
Alik Aydarbayev, chairman of the management board of KazMunayGas, said the company "seeks to expand the value chain of the company's products and is actively developing the petrochemical industry" in Kazakhstan.
"I am sure that the project will contribute to the establishment of partnership relations between Kazakhstan and Tatarstan, and will also diversify the economy of our country," he said.
European Rubber Journal contributed to this article.
