Kazakhstan Engineering secures contracts worth $1.8 billion

Kazakhstan Engineering closed long-term contracts totally worth $1.8 billion at the KADEX-2012 international weaponry exhibition in Astana, the Company’s Press Service reported May 7. Kazakhstan Engineering [fully owned by Samruk Kazyna Sovereign Wealth Fund] is a holding company comprising 25 defense industry facilities. Since April 2010 the Company has been managed by the Defense Ministry. The KADEX-2012 was hosted in Astana may 3-6 and attracted over 250 companies from 29 countries. Among those in attendance was President and Supreme Commander Nursultan Nazarbayev. On the sidelines of the event Kazakhstan Engineering signed a raft of MoUs on long-term cooperation before 2020 with Cessna Aircraft Company, STX Offshore & Shipbuilding Co., Ltd., Otokar Otomotiv ve Savunma Sanayi A.Ş., Eurocopter, Helicopters of Russia, MBDA FRANCE, INDRA Sistemas S.A. and some other companies, with the estimated contracts reaching $1.8 billion, the statement reads. Tengrinews.kz reported earlier reported that STX Offshore & Shipbuilding Co., Ltd. of South Korea will help Kazakhstan to construct a shipyard at the Caspian Sea and overhaul a current shipyard. An MoU has been signed between Kazakhstan Engineering and Cessna Aircraft Company to launch a maintenance center for Cessna Grand Caravan 208B aircraft with a possible launch of an assembly facility.