OREANDA-NEWS. September 09, 2009. The signing ceremony was attended by Kazakhstan’s Prime Minister Karim Massimov, reported the Official website http://en.government.kz. 

At the Government’s House in Astana South Korean companies Kepco and Samsung signed an agreement with Samruk Energo JSC (subsidiary of the Samruk-Kazyna National Welfare Fund of Kazakhstan) to purchase 75% in the Balkhash thermal plant.
 
The signing ceremony was attended by Kazakhstan’s Prime Minister Karim Massimov.
 
According to Mr. Erlan Upushev, Samruk-Energo Chairman of the Board, Kepco and Samsung had been awarded the project to construct a more powerful power plant at Balkhash following a respective tender in May.
 
“Today we have signed an agreement enabling the two companies to purchase 75% minus one share in the Balkhash thermal plant. The project will be implemented in two stages; the first stage is estimated at USD 2.5 billion and the second at USD 4.5 billion”, he said.
 
The power plant is designed to comprise two units of 660 megawatt each. Construction works on the first module will start in December and are to be completed by 2014.
 
“Now our shares are being evaluated and the cost of the deal will be announced upon the evaluation. But even today we can say that the cost will exceed KZT 3 billion”, Mr. Upushev said.
 
Samruk-Energo will retain a blocking stake, i.e. 25% plus one share.