Kazakhstan’s President Nursultan Nazarbayev meets Chinese President Xi Jinping19 may 2014, 23:22
Today Kazakhstan’s President Nursultan Nazarbayev has met Chinese President Xi Jinping, a Tengrinews.kz journalist reports from Shanghai.
At the talks the two sides dwelt on cooperation in the trade and economic, financial and investments, transit and transport, and agriculture realms. President Nazarbayev reminded that the plan is to bring the bilateral trade turnover figure to $40 billion a year by 2016.
“Back in September 2013 while in Astana, you voiced the initiative to put in place the so-called economic Silk Way. Kazakhstan is ready to contribute to the large-scaled project (…) expected to play a major role in developing the entire region”, President Nazarbayev said.
The two sides have signed a total of 5 documents. Notably, the two foreign ministries have signed a joint declaration. Samruk-Kazyna Sovereign Wealth Fund and China’s China International Trust and Investment Corporation (CITIC) have signed an MoU to develop relations in the O&G sector and the mining industry.
Besides, Development Bank of Kazakhstan and China’s Exim Bank have signed a memorandum to provide $1 billion to modernize Shymkent-based oil refinery. The investments are expected to help enable the refinery to start producing environment-friendly fuel and reach the projected capacity of 6 million tons of fuel a year.
Development Bank of Kazakhstan and China Development Bank (CDB) have signed a master agreement on a credit line of $500 million. The funds are to be used to finance joint projects outside the extraction sector. KazMunaiGas National O&G Company and China’s CNPC have signed a framework agreement to construct a plant in Almaty oblast to produce O&G pipes. The project to be implemented in 2014-2016 is expected to bring $150 million in investments.