Kazakhstan and Russia agree to fund Kazakhstan’s first nuclear power plant

Kazakhstan and Russia have signed an agreement outlining the key principles and conditions for cooperation on building Kazakhstan’s first nuclear power plant, including the provision of a state export loan to help finance the project.

President Kassym-Jomart Tokayev noted that the signed agreement is of exceptional importance for Kazakhstan, News.Az reports, citing Kazinform.

"I express my gratitude to the President of the Russian Federation for his personal and decisive support in launching this large-scale project, which will become a driver of scientific, educational, and technological interaction, and will ensure the development of new adjacent sectors of energy and industry as a whole," the Head of State said.

He added that resolving issues related to the extraction, transportation, and supply of energy resources and electricity to domestic and global markets is crucial for both countries.

Chairman of the Kazakh Atomic Energy Agency Almassadam Satkaliyev commented on the financing of Kazakhstan's first nuclear power plant.

"It is a long-term loan with very favorable terms for Kazakhstan. This matter falls under the responsibility of Kazakhstan's Ministry of Finance," Satkaliyev said.

According to preliminary estimates, the construction of two power units will require approximately $14.4 billion. Another $2 billion is earmarked for physical security systems and social infrastructure.

"This is a considerable amount of funding, which, under an agreement involving the Government of Kazakhstan and the Atomic Energy Agency, will be secured through an export credit," he explained.

The project is already in the practical implementation phase, with engineering surveys underway. The start of main construction work at the site is scheduled for 2027.

"Construction typically takes up to 10 years, but as agreed with our partners, we expect the first unit to be operational by 2034 — seven years after the first concrete pour," Almassadam Satkaliyev added.

Earlier, Qazinform reported Russian President Vladimir Putin had arrived in Astana for a state visit at the invitation of President Kassym-Jomart Tokayev.

A solemn welcome ceremony for the Russian President, Vladimir Putin, was held at the Palace of Independence in Astana.

Both presidents held talks in a restricted attendance in Astana. Later, Kassym-Jomart Tokayev and Vladimir Putin had extended talks.

The talks in Astana between Kassym-Jomart Tokayev and Vladimir Putin witnessed the signing of various agreements.

News.Az 

By Ulviyya Salmanli