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Russia Secures $16.4 Billion Deal to Build Kazakhstan's First Nuclear Plant

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Russia signed an agreement with Kazakhstan on Thursday to build Kazakhstan's first nuclear power plant, a $16.4 billion project that will be partly financed through a major Russian export loan, according to multiple media reports.

Kazakh President Kassym-Jomart Tokayev said the agreement for the Balkhash nuclear power plant will ensure the development of new related energy sectors.

The construction of the two power units is expected to cost about $14.4 billion, with an additional $2 billion allocated for physical security systems and related social infrastructure.

The project has already entered the implementation phase, with engineering surveys currently underway. Main construction work at the site is scheduled to begin in 2027.

"Construction typically takes up to 10 years, but as agreed with our partners, we expect the first unit to be operational by 2034," said Almassadam Satkaliyev, chairman of the Kazakh Atomic Energy Agency.

Russia's state-owned Rosatom was reportedly selected to lead construction of the plant, beating bids from China National Nuclear Corporation, France's EDF and Korea Hydro & Nuclear Power.

The plant will be built near the village of Ulken on the shores of Lake Balkhash in southeastern Kazakhstan, a site approved after a 2024 referendum backed the construction of the country's first nuclear facility.

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Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Thursday Amid New US Attacks on Iran

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$^DJI$^IXIC$^SPX$AMSC$BETH$BITO$BMO$BORR$BURL$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$RTH$SLV$SNOW$SNY$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Commodities

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