Kazatomprom, Siemens agree on local equipment manufacturing in Kazakhstan

ASTANA. Oct 16 (Interfax) - Kazatomprom and Siemens have signed a strategic agreement to establish local equipment production in Kazakhstan, the Kazatomprom press service said.

A joint manufacturing facility will be set up in Turkestan, southern Kazakhstan, between Siemens and KAP Technology LLP, a subsidiary of Kazatomprom. This facility will gradually start producing high-precision electromagnetic flowmeters, automation cabinets, frequency converters, pressure sensors and other equipment.

Kazatomprom CEO Meirzhan Yussupov said this initiative was in line with the company's efforts to boost the procurement of domestic products and develop the off-take system. "Kazatomprom operates a local project office focused on import substitution, which supports domestic manufacturers and explores new projects. Partnering with Siemens for local production will improve automation and digital solutions throughout our operations, enhancing our competitiveness in the global market," Yussupov said.

This project is part of a larger strategy by the Samruk Kazyna Fund. In September, during the Kazakhstan-Germany Business Forum, the fund signed an agreement with Siemens to supply equipment and materials, localize production, establish joint manufacturing in Kazakhstan, train personnel and implement additional initiatives.

Kazatomprom mines uranium, processes rare metals and produces and sells beryllium and tantalum products, exporting all of its output. Kazatomprom reduced uranium production 1% to 21,112 tonnes in 2023.

Kazatomprom is controlled by the state. It has a 25% free float.