Government • 04 July, 2018

Bakytzhan Sagintayev discusses promising projects in energy sector with large foreign companies

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The Prime Minister Bakytzhan Sagintayev held a number of bilateral meetings with the participants of the second Kazakhstan Global Investment Roundtable — Yagiz Eyuboglu, president of Energy Group Koc Holding and Mohammed Yousif Mohammed Ali Al Nowais, board director of Al Nowais Investments, reports

In the course of the meetings, issues of investment cooperation in different sectors of the economy were discussed, the potential for cooperation in energy sector and prospects for implementation of large joint projects were considered.

At the meeting with Yagiz Eyuboglu, president of Energy Group Koc Holding, it was noted that Kazakhstan and Koc Holding have a great cooperation potential. Such promising areas as oil processing, machine building, agriculture, information technologies and renewable energy sources were identified.

Yagiz Eyuboglu expressed his interest in strengthening cooperation with Kazakhstan in the field of mining and metallurgy complex, geology and subsoil use.

Sagintayev noted that today cooperation of Kazakhstan and Turkey is generally represented in such industries as construction and tourism. At the same time, the potential for bilateral cooperation in other spheres of real economy under the joint economic program New Synergy was noted.

Established in 1926, today Koc Holding is the largest investment holding in Turkey with an annual income over $26.2 billion. It includes about 110 largest Turkish companies operating in the energy, automobile industry, consumer electronics, financial services, defense industry, construction, IT, and so on. Over the past 4 years, the holding has invested more than $12 billion. More than 94 thousand people work in the structure of the holding.

In the course of the meeting with Al Nowais, board director of the large investment holding company Al Nowais Investments, the issues of investing projects in the sphere of renewable energy in Kazakhstan were considered.

Al Nowais said that the company is ready to cooperate and promote the development of green energy in Kazakhstan.

In his turn, Sagintayev noted that by 2020 the share of renewable energy in the total electricity production should be 3%. Based on the results of the Kazakhstan Global Investment Roundtable held yesterday, many companies expressed interest in investing in this sector of the economy.

A new mechanism for selecting the best RES projects — auctions — was also discussed. According to the Ministry of Energy of Kazakhstan, this system will give the impetus to the development of the most cost-effective RES projects. Auctions will clearly define the rules and responsibilities of all market participants, both in the generation and transmission and consumption of renewable energy.

It should be noted that with the opening of the Astana International Financial Center, foreign investors will have new opportunities, and the center can become an effective platform for the implementation of instruments, mechanisms and standards of green financing.

Kazakhstan was the first in the CIS to create institutional conditions for the development of renewable energy sources. In 2007, the Environmental Code was adopted, in 2009 — the Law on Promoting the Use of RES, in 2013 — the Concept of Transition to the Green Economy.

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