In line with the strategic partnership between Kazakhstan and China, Baiterek National Managing Holding and the Chinese company Huadian are poised to collaborate within the energy sector of Kazakhstan.
One project is the construction of a 150 MW combined cycle power plant in the Mangystau Region, scheduled to be operational within the next four years, effectively addressing the region's electricity shortage. Additionally, plans include the development of 600 MW wind power plants across various regions in Kazakhstan.
Qazaqstan Investment Corporation, a subsidiary of Baiterek Holding, has entered into an investment cooperation agreement with China Huadian Overseas Investment Ltd in the energy sector.
An agreement was signed by Kazakhstan's Minister of Energy, Almasadam Satkaliev, Qazaqstan Investment Corporation's Board Chairman, Ainur Kuatova, and China Huadian Overseas Investment's Board of Directors Chairman, Qiu Tiangen.
The agreement is aimed at fulfilling the objectives set forth in the President's Address to the People of Kazakhstan on September 1, 2023, with a primary focus on enhancing the country's energy security, increasing investments in the energy sector, and attracting foreign capital.
To implement the terms of the agreement, a specialized working group will be established, responsible for information exchange, project listing, analysis, and the development of necessary documentation. Joint seminars and training sessions will also be organized to enhance the expertise of Kazakhstani professionals in this field.
This innovative energy approach, a first in Kazakhstan, is expected to reduce reliance on hydrocarbons and facilitate a smoother transition to green energy. Chinese partners have already successfully executed similar projects within their country.