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BAKU, Azerbaijan, Jan. 26
By Nargiz Sadikhova – Trend:
Kazakhstan has carried out work to attract investments in the renewable energy sector over the past two years by signing a number of agreements and memorandums with international financial institutions and organizations, the country’s Ministry of Energy told Trend.
According to a representative of the ministry, a number of agreements and memorandums were signed with the European Bank for Reconstruction and Development (EBRD) in the amount of about $375 million for a total capacity of 512 MW (the total cost of projects with institutions and banks – $732 million) and work in this area will continue.
“In September 2019, a Memorandum of Understanding was signed between the Ministry and the EBRD on cooperation and support for the development of the of renewable energy sources’ use in Kazakhstan,” the representative said.
So, according to the representative, within the framework of the above memorandum, the EBRD launched the ‘Renewable Energy Support Program in Kazakhstan’ technical support project.
The program aims to support the ministry in preparing a project auction for wind energy with ready-made documentation (ready-made site, technical conditions for connections, wind measurements, pre-EIA, pre-design documentation, etc.).
“Amid the spread of the pandemic, a sharp excess of supply over oil demand, the accumulation of oil reserves, and the risks of overflowing global oil storage facilities, Kazakhstan, together with other parties to the OPEC + Agreement, decided to reduce oil production on April 12, 2020. To date, joint actions to reduce oil production have given positive results,” the ministry said.
So, there is a gradual recovery in the balance of supply and demand, and the forecast indicators for 2021 are improving.
“Prices gradually recover. The price of Brent has today increased from $19/bbl to $40/bbl. According to our estimates, the additional revenue of Kazakh exporters at the end of this year due to stabilization of oil quotations will amount to $9-10 billion,” added the ministry.
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