▲ Up
 
09:28 30-08-2016
MAIN АКИpress CA-News
About us On-line subscription
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
South Korea, Kazakhstan agree to expand joint economic projects

Bishkek (AKIpress) - 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.


Twitterfacebookprint
14:05 19.06.2014
LATEST NEWS
09:14 Kazakhstan marks Constitution Day17:00 Kazakhstan debates ban of Salafi movement16:51 Kazakhstan dispatches humanitarian aid to disaster-affected population in Kyrgyzstan16:45 Eurasian Development Bank allocates first tranche of loan to Tajikistan in amount of $20 mln16:36 Public discussions of proposed constitutional amendments to last until Sept 1016:12 August 31 declared public holiday in Kyrgyzstan16:06 Suicide bomber kills 54 in Yemen attack: health ministry16:05 Families of Moscow fire victims to receive 1 million soms from Parliament Speaker's Fund16:03 Islam Karimov in intensive care unit due to brain hemorrhage, his daughter says15:59 President Atambayev orders to suppress attempts to use arising border problems for political gains15:47 Bishkek authorities, UNHCR review progress of joint project on registration of stateless persons15:44 Uzbekistan launches first passenger train Tashkent-Andijan through Kamchik pass15:20 State Committee for Industry, Energy and Mining of Kyrgyzstan proposes Japan to implement Upper Naryn Cascade HPPs and Kambar-Ata-HPP-1 projects15:08 Action at Bishkek's central square to popularize national clothing15:01 65 yo Jalal-Abad man to walk 290 km from Toktogul to Bishkek15:01 New building of State Drug Control Service unveiled in Osh14:59 Head of Union of Journalists of Kazakhstan Matayev hospitalized again14:51 President Atambayev hands over keys to new apartments to Kyrgyzstan's military14:47 Defendant sews his mouth, announcing hunger strike and demanding fair trial14:40 Suicide bomber strikes wedding in Iraq, kills 15
Astana
+16° C
Ashgabat
+37° C
Bishkek
+28° C
Dushanbe
+27° C
Tashkent
+31° C
Ulaanbaatar
+19° C
exchange rates
 
76.99
68.83
10.31
1.06
379.01
338.98
50.76
5.21
6.85
6.26
1.01
0.12
3286.53
2888.39
446.81
42.81
3.92
3.50
0.52
0.05

© AKIpress News Agency - 2001-2016. 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