Kazakh Minister Discusses Cooperation in Renewable Energy

Tehran and Astana are to sign several agreements on building renewable power plants in Kazakhstan, Zhenis Mahmudovich Kassymbek, the Kazakh minister of investment and development said.

Kassymbek made the statement Sunday on the sidelines of the 15th Session of the Joint Commission of Economic, Trade, Scientific, Technological, and Cultural Cooperation held in Tehran, Shana reported.

“Iran is due to cooperate with Kazakhstan to build renewable power plants in the country’s southern regions,” Kassymbek added.

Plans call for providing Iran with a list of Kazakh companies, which are to be privatized in the near future, to accelerate the pace of bilateral trade.

"Kazakhstan's membership of the Eurasian Customs Union can ease Iran's access to the union's market of some 185 million people," Kassymbek said.

The five-member union, made up of Russia, Kyrgyzstan, Kazakhstan, Belarus and Armenia, seeks to foster closer economic and trade ties among members.

Kassymbek expressed optimism about the prospects for expanding two-way  trade.

  $600 Million Deal

Iran Power & Water Equipment and Services Export Company (SUNIR) and Kazakhstan's Eurasian Invest Group TOO signed a $600 million deal in April to build three power production units in Kazakhstan.

The agreement includes the construction of a 50 megawatt wind turbine plant and two thermal plants with output of 250 MW.

Kazakhstan's push toward renewables gained momentum in 2013 with the approval of two long-term energy policies: transitioning to a green economy and a 2013-2020 plan to develop alternative and renewable energy sources.

Kazakhstan is also making huge investments in its hydrocarbon industry.

The country was the 15th biggest oil producer in 2014. A $36.8 billion investment deal with a group of oil companies led by Chevron to develop its Tengiz Oilfield is expected to push Kazakhstan in the list of the top 10 oil producing nations.

Iran reportedly exported about $80 million worth of goods to Kazakhstan over Mar. 20- Oct. 21. This is while it imported commodities worth $49 million from the Central Asian republic in the same period, according to Iran's customs data.