OREANDA-NEWS. On March 30, 2009 Astana hosted the ceremony of signing of the frame agreement among Samruk-Energo, Korea Electric Power Corp (KEPCO) and Samsung to construct Balkhash thermal electric power generation station, with Kazakhstan’s Prime Minister Karim Massimov and representatives of Samruk-Kazyna National Welfare Fund being in attendance, reported the Official website en.government.kz.

From the Kazakhstan’s side, the agreement was signed by Chairman of Samruk-Energo Board Mr. Erlan Upushev.

Alongside with the signing, Kazakhstan’s Prime Minister Karim Massimov met Kepco President Kim SSang-su and Samsung President Sung-Ha Chi. K. Massimov noted that entrance of these companies into the electric power generation market of Kazakhstan is a stark example of implementation of ideas that have been part of a broader political cooperation.

The project is estimated USD 4.5 billion. Under the frame agreement, Kepco and Samsung will acquire 75% minus one share. 25% stake plus one share will be owned by the Samruk-Kazyna National Welfare Fund, said Mr. Alexander Ni, Samruk-Energo Director for Prospect Development.

The 1st and the 2nd units of the 2640 MW Balkhash thermal electric power generation station are to be commissioned in 2013, to be followed by the 3rd and the 4th units in 2016. Construction of the Balkhash thermal electric power generation station is included into the national list of break-through projects and is of strategic importance in terms of sustainable economic development and energy security in Kazakhstan.