KEGOC and South Korean companies ink contract on Kazakhstan's national electric network modernization
ASTANA. February 23. KAZINFORM /Kanat Kulshmanov/ Head of "KEGOC" JSC Almassadam Satkaliyev and representatives of South Korea's companies "Hyundai Engineering CO.Ltd", "Hyundai Corporation" and "Korea Electric Power Corporation" have signed a contractual agreement within the project "Modernization of the national electric network of Kazakhstan, II stage" in the presence of Prime Minister Karim Massimov.
According to the contract, the South Korean companies will modernize 500 and 220 kV substations of affiliates of the Aktobe, Western and Shymkent trunk power grids.
According to A.Satkaliyev, the contract amounts to EUR 73 mln.
"The EBRD loan will back the contract. The total sum of the loan is EUR 255 mln, EUR 73 mln out of them will be disbursed by the Korean companies," he said.
"The second stage of the project of modernization of the national electric network is a part of the State Program of Forced Industrial-Innovative Development and suggests replacement of used-up equipment. KEGOC JSC will improve reliability of power supply of consumers and ensure uninterrupted power supply of the country's economy," he noted.
As A.Satkaliyev outlined, signing of this contract will not give additional increase in a tariff.