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Samsung Engineering Wins Order for Kazakh Power Plant Project

Samsung Engineering Co. received an engineering, procurement and supervision deal in Kazakhstan for a 1,320-megawatt coal power plant to be built near Almaty.

Construction in Balkhash, near the financial capital, must be completed by the fourth quarter of 2017, state-owned AO Samruk Energo said today in an e-mailed statement.

A venture between Samsung C&T Corp. (000830), Korea Electric Power Corp. (KEP) and Kazakhstan may begin developing the $2.2 billion plant as early as 2013, Bakhytzhan Dzhaksaliyev, a deputy industry and technology minister, said in November. The plant is part of the venture’s $4.5 billion plan for power projects in the country.

The state National Wellbeing Fund Samruk-Kazyna’s energy unit sold 75 percent minus one share of the AO Balkhashskaya TES plant to Samsung C&T Corp. for 7.6 billion tenge ($51 million) in April, according to the Kazakh company’s website. Samruk Energo kept 25 percent plus one share of the plant.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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