Prime Minister Olzhas Bektenov has met with Chairman of the Board of one of China’s leading metallurgical companies, Fujian Hengwang Investment Co., Ltd., Zeng Zhaoqiang.
During the meeting, the realization of the agreements reached during the Kazakhstan-China investment roundtable following the Kazakh Prime Minister’s working visit to China in November 2024 was discussed.
“The meeting’s main topic is the implementation of the project for construction of a metallurgical factory with a capacity of 3 million tons of steel within the Jibek Joly special economic zone in Zhambyl region. The Chinese investor is to allocate a total of $1.2 billion. Under the project, 2,500 jobs will be created. The construction begins in April,” said the press service of the Kazakh government.
At the first stage, the factory’s capacity will be 1 million tons of steel in 2027, with investments totaling 160.2 billion tenge. Until 2029, the factory’s output is set to rise to up to 3 million tons, with extra investments of 312.8 billion tenge.
Under stage two, a gas turbine power plant with a capacity of 350 MW, requiring an additional 201.3 billion tenge, will be built to meet the factory’s electricity needs.
According to Zeng Zhaoqiang, the direct reduction of iron technology will be used to guarantee a minimum 90% content, contributing to higher competitiveness of Kazakhstan’s metallurgy. (Kazinform)
