Korea, Kazakhstan agree on $8 billion projects

South Korea and Kazakhstan have agreed on two $4 billion projects for the construction of thermal power plants and a petrochemical complex in the Central Asian country. The two projects combined mark Korea’s largest investments in Kazakhstan since the two nations established diplomatic relations in 1992. Under the so-called Balkhash project, the Korean consortium consisting of Samsung C&T and the Korea Electric Power Corporation will build two coal-fired thermal power plants with its funding, according to the Korea Times. The consortium will also operate the plants and provide electricity to the agencies designated by Kazakhstan’s government, the South Korean English-language newspaper said.