Kazakhstan finalizes deal to sell 75% in Balkhash thermal power plant to South Korea investors

Samruk-Energo, subsidiary of Samruk Kazyna Sovereign Wealth Fund, has finalized its deal with Samsung of South Korea to sell its 75% minus one share stake in the Balkhash thermal power plant to be jointly constructed on the south-west shore of the Balkhash Lake close to Ekibastuz coal mine, Newskaz.ru reports, citing Samruk Energo Press Service. According to the press release, the 755 691 shares are estimated at $51 million. The initial agreement on the sale of shares was signed March 27, 2012 on President Nazarbayev’s working visit to Seoul. Currently Samruk Energo owns 25% plus one share, with the other 75% minus one share owned by Samsung. Earlier Tengrinews.kz reported, citing Samruk Energo officials, that “under the action plan, construction of major facilities will be started as early as in the Q4 2012 (…) The first two power generating units of the thermal power plant are to be commissioned in 2013, with the other two units being placed into operation in 2016. The design capacity of the power plant is 2 640 megawatt”. Samruk Energo is responsible for 40% of all power generated in Kazakhstan.