Bahrain's GFH bank plans $10 bln Kazakh energy area
Dubai - Bahraini Islamic lender Gulf Finance House (GFH) plans to develop a petroleum-related research and education area on Kazakhstan's Caspian Sea coast at a cost of $10 billion, the Kazakh government said.
Bahrain's second-largest firm by market value will develop the project with state-owned Kazyna and Samruk, and consultants PFC Energy International, according to the statement on the Web site of Kazakh President Nursultan Nazarbayev on Wednesday.
Gulf Finance House, which has overseen infrastructure projects and investments of more than $12 billion over eight years, is also building energy parks in Libya, India and Qatar.
The Government of Kazakhstan and Gulf Finance House (GFH) announce plans to unlock the global potential of Kazakhstan's energy industry
Gulf Finance House (GFH), a specialist in innovative economic infrastructure initiatives, in collaboration with the Government of Kazakhstan and PFC Energy International, has announced today plans for the latest project in its 'Energy City' series: The Caspian Energy Hub (CEH), Kazakhstan.
With an estimated total investment value of $10bn, this project marks the entry of GFH and its clients into Kazakhstan, and represents one of the largest foreign investments into the country.
The concept was presented to his Excellency Mr. Nursultan Nazarbayev, the President of Kazakhstan at the Presidential Palace earlier today by the Chairman of Gulf Finance House, Mr. Esam Janahi, and the President and CEO of PFC Energy International, Mr. Vahan Zanoyan.
Following the presentation, a signing ceremony was held at the Rixos President Hotel, Astana, during which a Memorandum of Understanding, (MoU), was signed.
In addition to Gulf Finance House and PFC Energy International, signatory parties included Gani Uzbekov, Deputy Chairman of the Board of the Sustainable Development Fund, 'Kazyna', Ulf Wokurka, Deputy Chairman of the Management Board of Kazakhstan Holding for Management of State Assets, 'Samruk', and representatives of local investment companies.
Located in Aktau on the shore of Kazakhstan's Caspian Sea, The proposed Caspian Energy Hub, Kazakhstan will represent the latest in a series of energy focused business clusters that Gulf Finance House has planned across the Middle East and Asia.
Capitalizing on prodigious natural resources and strong economy, the project aims to contribute to the overall economic and human capital development of Kazakhstan by creating a services hub that caters to every commercial, technical and human resource need of the oil and gas industry in the Caspian region.
In addition, the Caspian Energy hub also aims to become a major global technical training center for the oil & gas industry. It is expected that the hub would play a significant role in supporting the government's plans to double oil production and triple natural gas output by 2015.
To build on these objectives, the hub will develop a full service economic and business center catering to every commercial, technical and human resource need of the oil and gas industry operating in Kazakhstan, and ultimately, in the entire Caspian region.
With a view to that, The Caspian Energy Hub, Kazakhstan will have an 'HR and skills nerve center' that facilitates Kazakhstan's human development, and positions it as a leader in human capital within the region.
As per the plans, the hub will be comprise of the following components:
- A Specialized Technical College
- A Science and Technology Park
- A Geophysical Data Laboratory
- Advanced Technical Training Facilities
- An Information Technology Development Center
- An Environmental Research Center
- A Renewable Energy Center
His Excellency Mr. Nursultan Nazarbayev, President of the Republic of Kazakhstan commenting on this venture said: 'The Caspian Energy Hub is an important and integral part of the socio-economic development of Kazakhstan. We have the vision, the will, and the knowledge base to implement an industrial, service, research and educational center of excellence that will attract the biggest names in world energy'.
CEO of JSC 'Kazakhstan Holding for Management of State Assets 'Samruk' - Mr. Kanat Bozumbayev on behalf of Government of RK added, 'Alongside our faith in this great new initiative, we also have a partner in Gulf Finance House whose economic infrastructure development initiatives are well known to several Governments across Asia, the GCC and North Africa who have sought their advice in the delivery of sustainable and accelerated economic growth'.
GFH Chairman Esam Janahi commented, 'There are rich growth prospects in the Caspian region and Kazakhstan has a unique opportunity to deliver an unrivalled hub for the hydrocarbons industry. We applaud the vision of HE President Nazarbayev and the Kazakh Government and look forward to working with them to inject a new impetus and sustained long term growth into the economy'.
PFC Energy International Chairman & CEO, Mr. Vahan Zanoyan said: 'The creation of the Caspian Energy Hub, Kazakhstan, which is to unleash all of the 'above ground' economic and human resources in the service of the global energy sector, is truly commendable. Kazakhstan is uniquely positioned to play this role in the entire Caspian region'.
The Energy City concept was conceptualized by GFH and PFC Energy International, an international energy consulting firm.
Being the latest 'Energy City' project, following Qatar, India and the proposed Energy City in Libya, this venture expects to attract the biggest names in the world energy to Kazakhstan, and deliver high returns on equity for GFH investors.
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