Russia and Kazakhstan sign agreement for first nuclear power plant

Russia and Kazakhstan have formally signed an agreement for the construction of Kazakhstan's first nuclear power plant near the village of Ulken on the shores of Lake Balkhash. The project, which involves the installation of two reactors, is estimated to cost 15 billion dollars. Financing for the project includes a Russian export credit covering approximately 85% of the total construction costs. The initiative received public approval during a referendum held in 2024. Kazakhstan, the world's largest producer of uranium, aims to reach a nuclear power capacity of 2.4 gigawatts by 2035. During his visit to Astana, Russian President Vladimir Putin met with Kazakh President Kassym-Jomart Tokayev to formalize the deal and discuss expanding the transit of Russian oil to China through Kazakh territory. This agreement marks the culmination of two decades of discussions regarding the integration of atomic energy into the Kazakh national grid.