China Gezhouba, Kazakh firm in $728 million hydropower project
13 Feb 2010
China Gezhouba Group Co Ltd (CGGC), a leading state-owned infrastructure company, has signed a 4.97 billion yuan ($727.78 million) contract with a Kazakhstan company for setting up a hydropower project in that country, CGGC said on Thursday.
In a statement to the Shanghai Stock Exchange, CGGC said the contract with Kazakhstan Natural Gas Technology Co Ltd would allow it to construct a 254 megawatts hydropower station on the Chilik river in Alma-Ata, Kazakhstan.
Kazakhstan operates five hydropower plants, which provide around 12 per cent of its electricity requirement.
Most hydroelectricity is generated on the Irtysh river. However, the country's energy policy is centered around its considerable hydrocarbon reserves.
Since the two countries established diplomatic ties in January 1992, bilateral relations have grown in a healthy and stable way thanks to the efforts of both sides, the Chinese ambassador to Kazakhstan Cheng Guoping told China's Xinhua new agency in an interview yesterday.
"China-Kazakhstan ties are now at their best stage of healthy development, and the two countries regard each other as one of their priority partners for cooperation," Cheng said.
