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    Kazakh government to transfer its shares in two hydros to Samruk-Kazyna

    September 23, 2022 - Interfax Kazakhstan General Newswire


      ALMATY. Sept 23 (Interfax-Kazakhstan) - The government of Kazakhstan plans to transfer the state stakes in the limited liability partnerships AES Ust-Kamenogorsk GES and AES Shulbinsk GES, hydro power plants in the East Kazakhstan region, to the charter capital of National Wealth Fund Samruk-Kazyna JSC, according to the government draft resolution published on the official website -

      The draft resolution is published for public discussions until October 3.

      The document is aimed to help National Welfare Fund Samruk-Kazyna JSC to improve management of the hydro power companies, according to an explanatory note to the proposed resolution.

      In November 2021, the then minister of energy, Magzum Mirzagaliyev, said that investors from the United Arab Emirates (UAE) might invest more than $6 billion in the development of alternative energy and gas generation in Kazakhstan.

      According to him, negotiations were also held with investors from the UAE on the sale to them of 74.99% of shares in two hydro power plants of the Irtysh cascade - Shulbinsk (702 MW of installed capacity) and Ust-Kamenogorsk (367.8 MW). Both plants are part of the state power company Samruk-Energo. It was planned that the state would still keep more than 25%.

      In January 2022, the Kazakh government withdrew a bill from the Majilis, the lower chamber of the parliament, to ratify the declaration with the UAE on strategic partnership in priority sectors regarding the sale of shares in two hydroelectric power plants.

      In March of this year, the Finance Ministry proposed to exclude the two hydro plants from the country's comprehensive privatization plan for 2021-2025.


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