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The UK and Kazakhstan sign contracts worth $1 billion

03 july 2013, 13:14
0
Kazakhstan’s President Nursultan Nazarbayev meeting UK’s Prime Minister David Cameron. By Marat Abilov.
Kazakhstan’s President Nursultan Nazarbayev meeting UK’s Prime Minister David Cameron. By Marat Abilov.
The UK and Kazakhstan have signed contracts totally worth $ 1 billion, Tengrinews.kz reports, citing Kaznex Invest, the country’s state agency for exports and investments.

According to the statement, “on UK’s Prime Minister David Cameron’s visit to Kazakhstan, the two sides signed 14 contracts and MoUs”.

The Kazakh Ministry of Industry and Trade signed a memorandum with SUN Gold (gold producer with a foundation of high quality world class development and exploration assets in Russia and Kazakhstan) Rio Tinto (British-Australian multinational metals and mining corporation with headquarters in London) to construct a mining and concentrating complex at Yubileinoe gold mine in Aktyubinsk oblast and a Center for Geological Exploration.

Dando Drilling International (a UK’s company manufacturing and supplying drilling rigs and equipment) and Kazakhstan’s KazGeologia have signed a memorandum to launch a facility assembling drilling rigs.

Wood Group (a multinational oil and gas services company headquartered in Aberdeen, Scotland) and KazTurboRemont signed an agreement to launch a JV.

“The UK’s delegation headed by Prime Minister David Cameron comprised reps of over 30 companies operating in mining, O&G, machinery building, finance, architecture and construction, aerospace industry, education”, the statement reads.

The two-day visit included visits to Astana, the country’s capital city, and Atyrau, a major oil-producing city. The forum held in Astana was presided over by Asset Issekeshev, Minister of Industry and Trade. Among those in attendance there was UK’s Lord Green, Minister for Trade and Investment.

According to the Kazakhstan’s Central Bank, from 1993 to 2012 the gross direct investments from the UK to Kazakhstan totaled $11.7 billion. With the gross Kazakh investments into the UK reached $3.6 billion. According to the Kazakh Customs Office, the 2012 trade turnover between the two nations totaled $2.3 billion, with exports standing at $1.7 billion and imports at $0.6 billion.

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