During Russian President Vladimir Putin’s state visit to Kazakhstan, the two countries signed a number of bilateral documents, including agreements in the energy sector. The parties paid particular attention to the project to build a nuclear power plant in Kazakhstan with the support of a Russian state export loan.

At a press conference, Channel One correspondent Anton Vernitsky asked the Russian leader to summarize the visit and comment on the economic rationale for Russia’s participation in financing the nuclear power plant, noting that Kazakhstan is an economically developed country.

Putin replied that financing for the nuclear power plant is being provided on terms that are standard in international practice. He said export loans are a common mechanism for supporting national exports of goods and services.

The Russian president stressed that the allocated funds are not a grant. The loan will be repaid to the Russian budget with interest in line with international standards. The project will also provide Russian companies with equipment orders and create long-term cooperation in plant maintenance, fuel supplies and spare parts.

Putin said another advantage is the strategic partnership with Kazakhstan in uranium production. The country has some of the world’s largest deposits of the raw material, making cooperation in nuclear energy mutually beneficial.

According to the Russian leader, the plant will also benefit Kazakhstan. The project will allow the country not only to retain its position as a major supplier of uranium, but also to gain access to modern technologies, develop its own nuclear expertise and train qualified specialists.

Putin emphasized that the project is not simply the construction of a facility with borrowed funds, but the creation of a full-fledged industry. Local workers and companies are expected to take an active role. He said local contractors usually perform at least 25 percent of the construction and related work on projects of this kind.

Moscow is also ready to provide a complete cooperation cycle, including nuclear fuel supplies and the handling of spent materials. Putin said the parties were discussing joint fuel-supply arrangements. He estimated that the plant could cover about 20 percent of Kazakhstan’s energy consumption once commissioned.

The Russian president noted that agreeing the project parameters required lengthy and extensive work. The parties sought compromises and eventually developed a mutually acceptable format for cooperation.

Summing up the state visit, Putin said he was satisfied with the results. He stressed that relations between Russia and Kazakhstan continue to strengthen, while bilateral trade has already exceeded 20 billion dollars and retains further growth potential.

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