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Kazakhstan’s Senate ratifies agreement on Balkhash thermal power plant

28 march 2013, 12:57
At a plenary sitting Kazakhstan’s Senate ratified the agreement between the country’s Government and the Government of South Korea on financing, designing, constructing, operating and maintaining the Balkhash thermal power plant.

“The agreement sets an acceptable model to recoup investments, finance the project and do the actual construction works”, the country’s First Vice Minister of Industry and New Technology Albert Rau said when unveiling the document at the plenary sitting.

He elaborated that the first unit capable of 660 megawatt is to be commissioned in October 2017, with the first module capable of 1032 megawatt to be commissioned in April 2018.

Earlier the country’s Minister of Industry and New Technology Asset Issekeshev elaborated that 70% of the project will be financed through loans, with the other 30% injected by the shareholders in proportion to their holdings. Kazakhstan’s Samruk-Energo [subsidiary of Samruk Kazyna Sovereign Wealth Fund] owns 25% of shares plus one share, with South Korea’s Samsung owning 75% minus one share. Kazakhstan’s share in the project stands at $300 million. The project is estimated at $4 billion.

Tengrinews.kz reported earlier that the design capacity of the power plant is 2 640 megawatt. The facility will be located on the south-west shore of the Balkhash Lake close to Ekibastuz coal mine. The project is carried out by South Korea’s Samsung and the Kazakhstan’s Samruk - Energo.

Samruk Energo is responsible for 40% of all power generated in Kazakhstan.

Kazakhstan President Nursultan Nazarbayev and his South Korean counterpart Lee Myung-bak launched construction of the Balkhash thermal power plant mid-September 2012.

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