Kazakhstan, UAE discussed investment coop

26 November, 2018, 15:45 370
Kazakhstan, UAE discussed investment coop

The First Deputy Prime Minister of Kazakhstan, Askar Mamin, has arrived in Abu Dhabi with a working visit. 

 

Kazakh First Deputy Prime Minister Askar Mamin held negotiations with Deputy Prime Minister, Minister for the President's Affairs of the UAE Sheikh Mansur bin Zayed Al-Nahyan, BNews.kz reports referring to a press service of the Prime Minister of Kazakhstan. 

A visit of Askar Mamin to the United Arabic Emirates was held as part of the implementation of the agreements reached within the visit of Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE's Armed Forces Sheikh Mohammed bin Zayed al-Nahyan to Astana and his talks with President of Kazakhstan Nursultan Nazarbayev on July 4 this year. 

The main theme of negotiations was a wider range of issues regarding investment cooperation in various sectors of the economy. 

Additionally, a huge potential of cooperation in the sphere of energy between the states was underlined. 

"On the project of polyethylene production, being implemented with Barealis (Mubadala), a joint project company was established, as well as a feasibility study is underway. The issue of supplying the project with raw materials was fully resolved. The expected capacity of the project is 500 thousand tons of polyethylene with a cost of US $2.6 billion. In addition, the Arab side confirmed its interest to join the project on polyethylene production which is underway in the Atyrau region. The expected capacity of the project is 500 thousand tons, and the total cost is US $2.6 billion," they said in the press service. 

Credit: press service of Prime Minister of Kazakhstan

The sides also discussed a number of prospective joint projects in the energy sector. 

A potential for cooperation in aerospace on the base of Baikonur Cosmodrome, an investment project to upgrade the Gagarin start launch complex No.1 and the launch of spacecrafts on the Soyuz-2 launchers was highly outlined. A tripartite working group (Kazakhstan, UAE, Russia) which holds regular consultations was set up. Assessment of the market of launch services of spacecrafts was completed, and a decision on the project will be taken in the 1st quarter of 2019.  

"Kazakhstan with the Mubadala (UAE) investment fund continues to work on the project on modern Class A storage facilities on the territory of the Khorgos-Eastern Gates free economic zone. Bringing the two storage facilities of 14 thousand sq.m. each into use is scheduled for January 2019," the report reads. 

Additionally, the issues relating to the joint development of the railway system of the UAE were discussed.