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February 12, 2010

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Firm signs Kazakh hydro deal

CHINA Gezhouba Group Co, a leading state-owned enterprise of infrastructure construction in the country, has signed a 4.97 billion yuan (US$727.8 million) contract with a Kazakhstan company on a hydropower project, the Chinese firm said yesterday.

In a statement to the Shanghai Stock Exchange, CGGC said the contract with Kazakhstan Natural Gas Technology Co will allow it to build a hydropower station, with a capacity of 254 megawatts, on the Chilik river in Alma-Ata, Kazakhstan.

The project will last 57 months.

As the contract is a long-term one, CGGC predicts little influence on its net profit in 2010. The contract is yet to be approved by either government, according to the statement.


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