Kazakh grid operator to invest $3.4 bln by 2025
ASTANA. Jan 12 (Interfax) - KEGOC, Kazakhstan's national grid operator, has adopted a long-term development strategy until 2025 involving investments of up to 500 billion tenge ($3.4 billion), said Almasadam Satkalieyv, the head of KEGOC.
"During this period (until 2025 - Interfax-Kazakhstan) the company is going to invest up to 500 billion tenge," he told a Wednesday press conference in Astana (147.28 tenge/$1 on Jan. 12).
Satkaliyev said the investments will come from international financial organizations and the company's own funds. 30% of the investments required to finance infrastructure projects will be provided by the company's shareholder, Samruk-Kazyna.
KEGOC is the national operator of Kazakhstan's unified electricity system. The company is part of the National Welfare Fund Samruk-Kazyna.
KEGOC received 4 billion tenge in payment for the transmission of Russian electricity through Kazakhstan, Satkalieyv said.
"As a result of the agreements on parallel operation of Kazakhstan's and Russia's power grids, which came into force on May 1, 2010, the company generated additional revenues in the amount of 4 billion tenge," he said.
Satkaliyev said that before the agreements were brought into effect, the transmission of Russian electricity through Kazakhstan's power system had not been paid for but offset against the cost of power regulation services provided by the Russian operator.
KEGOC said in a statement that net profit was approximately 5.8 billion tenge for the past year.
"According to preliminary information, the consolidated revenues of the company for 2010 will reach 50 billion tenge, the generated profit will come to 5.8 billion tenge as compared to a loss of 4.459 billion tenge a year earlier," it said.
Compared with the previous year, the gross revenues from the company's core operations rose 26%, or by 13 billion tenge.
The company expects that in 2011 the revenues will amount to 56 billion tenge, the net profit to 4 billion tenge.
This year the company is going to pay 877 million tenge as dividends to its shareholders.