▲ Up
 
14:52 25-05-2017
MAIN АКИpress CA-News
ADVERTISE WITH US SUBSCRIBE
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
South Korea, Kazakhstan agree to expand joint economic projects
14:05, 19 June 2014, 1569

AKIPRESS.COM - 20140619134728South Korean President Park Geun-hye and Kazakhstan's President Nursultan Nazarbayev agreed Thursday to work closely together to implement major energy and power projects currently underway between the two countries.

The joint projects worth a total of US$10 billion were a key focus of the two leaders' summit talks in Astana, which came on the fourth day of Park's six-day tour of Central Asia, officials said, Yonhap News Korean news agency reported on June 19.

The South Korean leader arrived in Kazakhstan on Wednesday following a three-day state visit to Uzbekistan. After three days in Kazakhstan, Park is scheduled to fly to Turkmenistan on Friday for a two-day state visit.

Park and Nazarbayev agreed to strengthen bilateral cooperation to begin construction on a $4.9 billion coal-fired power plant in the southern Kazakh city of Balkhash, about 680 kilometers south of the capital Astana, according to officials.

As part of that agreement, the two sides signed a contract under which South Korea would buy $18.8 billion worth of electricity from the plant once it goes into operation.

The deal is expected to help finance the project and help launch the plant's construction in the second half of the year.

During the summit, Park also requested the Kazakh government's support to begin construction on a petrochemical complex in Atyrau on the northern banks of the Caspian Sea, officials said.

The two countries have yet to agree on the financial arrangements for the $5 billion project.

South Korea and Kazakhstan are also working on a project to drill oil from the Zhambyl field in the Caspian Sea.

An initial study put the field's reserves at 100 million barrels, but the two sides have yet to determine the project's economic feasibility.

Park asked Nazarbayev for his continued support in ensuring smooth operations in the exploration of the field, with the aim of beginning actual drilling, officials said.

Kazakhstan is the largest destination of South Korean investment in the region, with more than 250 South Korean firms operating here. Last year, two-way trade reached a record $1.32 billion, according to official data.

During the summit, the two leaders also agreed to work toward new joint projects in the energy and resources sector, officials said.

South Korea is seeking participation in a $3.5 billion project to build more oil refineries for the Tengiz oil field on the shores of the Caspian Sea.

Asia's fourth-largest economy is also taking part in the joint exploration of a lead and zinc mine in Karagandy Province, central Kazakhstan, with the aim of winning the right to exploit the mine later this year.

Park and Nazarbayev also agreed to expand bilateral cooperation to new areas such as health, forestry and infrastructure construction as part of efforts to promote their countries' mutual growth and contribute to Kazakhstan's industrial diversification, officials said.


Full access to all news articles in English

1 month2000 somsubscribe
year20000 somsubscribe
These subscription fees are for private individuals only. Please contact us via phone +996 (312) 900-776 or email info@akipress.org for corporate subscription inquiries
Twitterfacebookprint
LATEST NEWS
14:49 Kyrgyzstan has to reconcile legislation in the field of combating money laundering and financing terrorism by November: EAG14:38 New center of Bishkek with 2 skyscrapers worth $160 million planned to be constructed14:34 Uzbekistan shuts down several news broadcasts aired since 195614:19 Minister of Foreign Affairs: Biometric passports allow to establish a visa-free regime with other countries14:09 Saudi Arabia to allocate more than $6.3 mln for bank protection works in Tajikistan13:48 Russia's Patriarch Kirill to visit Kyrgyzstan13:33 Parliament ratifies agreement with ADB on financing 3rd phase of Toktogul HPP rehabilitation project13:22 Kyrgyz-Chinese border to be temporarily closed as China celebrates Dragon Boat Festival13:07 International Mining and Metallurgical Congress kicks off in Astana12:57 Almaty hosts 8th annual forum on Internet development in Central Asia12:53 Vice Chairman of Standing Committee of Chinese National People's Congress pays official visit to Turkmenistan12:48 Bishkek hosts 26th plenary session of Eurasian Group on Combating Money Laundering and Financing of Terrorism12:43 Atambayev hands over keys of new apartments to employees of GKNB12:18 Violinist from Kyrgyzstan wins 1st place at Astana competition12:11 Brazil's Temer deploys army as protesters battle police12:02 Dollarization of credit portfolio of Kyrgyzstan's banking sector hits 'historic low' – Central Bank11:56 62,000 high school graduates of Kyrgyzstan celebrating Farewell Bell today11:42 Mud-and-stone flow hits school walls, 3 houses and bridge flooded in Osh11:25 OSCE/ODIHR deciding whether to send observers to presidential election in Kyrgyzstan11:24 Trade between EDB countries recovers in Q1 2017
© AKIpress News Agency - 2001-2017. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75