Kazakhstan's parliament ratifies agreement with Qatar on projects worth $20 bln

ALMATY. Sept 11 (Interfax) - The Majilis or lower house of Kazakhstan's parliament has ratified an agreement between Kazakhstan and Qatar on long-term strategic partnership in priority sectors.

Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov, who presented the law, said the agreement set down the terms for Qatari investments in Kazakhstan.

"The agreement will attract around $20 billion of investment overall," he said.

"The agreement also guarantees a stable tax regime and protection for Qatari investments in Kazakhstan," Baibazarov said.

The agreement covers nine joint investment projects in Kazakhstan, including telecommunications, energy, gas extraction and transportation, and finance. Key projects include the acquisition of 100% of Bereke Bank by Qatari Lesha Bank; the sale of Mobile Telecom Service to Qatari company Power International Holding; three projects for building gas processing plants at the Kashagan field; the construction of the second line of the Beineu-Bozoi-Shymkent gas pipeline; the construction of a new compressor station KS-14 and a gas pipeline from KS-14 to Kostanay and Aktobe; the construction of a combined-cycle power plant in the Kyzylorda region; and the construction of a hydroelectric power station on the Irtysh River with a capacity of up to 350 MW.

The law is now under consideration by the Senate.