Kazakhstan, South Korea sign agreement on Balkhash Thermal Power Plant
Azerbaijan, Baku, March 27 / Trend E. Kosolapova/
Board Chairman of Kazakh Samruk-Energy company Almasadam Satkaliyev and head of the South Korean Samsung C & T corporation Shin Kim signed an agreement on purchase and sale of Balkhash Thermal Power Plant's shares, Novosti-Kazakhstan reported with reference to the Kazakh company. The agreement was signed within the Kazakh-Korean Business Council in Seoul.
"This agreement sets the price of selling shares, terms of deal closing, restrictions, guarantees and assurances of the parties," the company said.
According to the agreement, Samruk-Energy has 25-percent +1 share stake in the project, while Korean consortium has 75-percent +1 share stake.
The intergovernmental agreement on development, financing, design, construction, operation and maintenance of the Balkhash Thermal Power Plant was signed within South Korean President Lee Myung-bak's visit to Kazakhstan in August 2011.
Construction is scheduled to start in the fourth quarter of 2012 and complete in 2017. The most modern, environmentally friendly technologies will be used in the project.
Moreover, Kazakhstan and South Korea signed several bilateral agreements on projects worth $7 billion within the Business Council in Seoul.