Samsung C&T and Samsung Engineering announced that they had cancelled a thermal power plant project in Kazakhstan, worth 2.8 trillion won, due to delays caused by financial issues.
Samsung C&T had signed a contract in December 2014 to participate in the Kazakhstan government’s scheme to build a 1,320 megawatt coal-fueled thermal power plant near Lake Balkhash, 370 kilometers northwest of Almaty, the capital of Kazakhstan.
The trading unit of Samsung C&T participated in the project as an investment company with the construction unit of Samsung C&T and Samsung Engineering as builders. The project drew much attention as it marked the first private partnership in Kazakhstan’s power generation sector.
Samsung C&T and Samsung Engineering formed a joint venture with the state-owned Samruk-Energy company. Construction progressed to only about 19 percent of completion before it stalled in September owing to delayed financing arrangements.
