JSC “Balkhash CHP” Share Purchase Agreement to be signed
September 04. Samruk-Kazyna. Astana
Today, at the Government House it was held the signing of JSC “Balkhash CHP” Share Purchase Agreement with Consortium “KEPCO-Samsung”, JSC “Kazakhmys” and JSC “Samruk-Energy” (subsidiary of JSC “Sovereign Wealth Fund “Samruk-Kazyna”).
In accordance with the document, the participants of the construction project of Balkhash combined heat and power station (CHP) shall be:
– JSC “Samruk-Energy” with the interest of 25% +1 share.
– Consortium “KEPCO-Samsung” – 70% – 1 share.
– “Kazakhmys Pls.” with a share of 5%.
On March 25, 2009 in Astana, a framework agreement on construction of Balkhash CHP between JSC “Samruk-Energy” and the South Korean electricity consortium “KEPCO-Samsung” was signed.
The purpose of the construction project of Balkhash CHP – to provide energy independence and meet the growing needs of the Southern Region of the Republic of Kazakhstan in power. The volume of power generation will amount to 2,640 MW.
The project is estimated to be about $ 4.5 billion. Construction is scheduled as follows: input of the 1 and 2 units – in 2013, 3 and 4 units – in 2016.
About “Samsung Corporation”
“Samsung Corporation” Company (SAMSUNG C & T) was established in 1938. In 1996 it merged with “Samsung Construction Corporation” – construction unit of “Samsung”. In accordance with the widely used in the South Korea strategy for industrial diversification, “Samsung Corporation” was the first chaebol (business-conglomerate), which received in 1975 from the Government the right to be called as the General Trading Company and implement a multidimensional foreign trade activity.
Structurally “Samsung Corporation” is composed of three business groups, representing the main fields of activities: trade, construction and engineering work.
“Samsung Corporation” is one of the most respected construction and engineering companies in the South Korea, the first local firm to receive the international quality standard ISO 14001. It has also received international recognition as a leading construction company by participating in several large projects at home and abroad (the construction of the towers of “Petronas” corporation in Malaysia, a unique skyscraper in Dubai, lining the highway to the new international airport at Incheon near Seoul). The company is engaged in installation of the nuclear power plant (NPP) in the country. Currently it is building a new terminal at the seaport of Pusan.
The company holds leading positions in the South Korean market to provide commercial services to consumers on the Internet, specializes in developing the market “e-commerce”.
About Korea Electric Power Corp “KEPCO”
Korea Electric Power Company “KEPCO” was created in 1961 through the merger of three regional electric companies (Chosun, Kyungsung and Namsun) to form a single national company of electric power. In 1982 it became a fully government-owned corporation. In 1989 the Government sold 21% shares of “KEPCO” to the public. Since 1994, the company is listed on the New York Stock Exchange.
The state share in the company – 51.07%. The volume of power generation in Korea – 58,142 MW (89% of the total production in the country). The company’s assets (2007) – $ 71,1 billion, net income (2007) – $ 1,67 billion. The company takes the 5th place in the world rating of electricity generators.
After the successful activity in the domestic market, “KEPCO” passed to the exit policy to the international level. Joint projects are implemented in the Philippines, China, Burma, and Libya.
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UNDP in Kazakhstan, Samruk-Energo agreed on coop in usage of renewable energy sources
September 4. KAZINFORM. ASTANA
Chairman of the Board of Samruk-Energo JSC Yerlan Upeshev and Permanent Representative of the UN Development Program in Kazakhstan Haolyan Shu have entered into a memorandum on cooperation in usage of renewable energy sources for implementing the projects on construction of wind and solar electric power stations in Kazakhstan.
“In comparison with the economic development Kazakhstan’s index of energy efficiency is one of the lowest. There are certain reasons for this”, H. Shu said.
“Kazakhstan has recently ratified Kyoto Protocol and assumed obligations on reduction of greenhouse gas emissions. In our opinion, now it is the proper time to set to solution of the problems of renewable energy development since Kazakhstan possesses huge potential for the development of wind and solar energy”, Shu noted.
In turn, Y. Upushev pointed out the main objectives of joint activity of the sides: carrying out an analysis of the potential of development of wind energy in Kazakhstan, preparing technical-economic assessment of construction of wind electric power stations in the area of Dzhungar Gates, Fort-Shevchenko and Shelek Corridor.
According to manager of the UNDP in Kazakhstan Gennady Doronin, the share of electric power from hydro-electric power stations in Kazakhstan makes around 11%, and 1.5% in total energy balance of the country. In other countries this index makes 10-20%.