By Mohammed Al-Kinani
JEDDAH - Gulf Finance House (GFH), in collaboration with the government of Kazakhstan and PFC Energy International PFC Energy International, has announced Thursday plans for the latest project in its "Energy City" series: The Caspian Energy Hub (CEH), Kazakhstan. With an estimated total investment value of $10 billion, this project marks the entry of GFH and its clients into Kazakhstan, and represents one of the largest foreign investments into the country.The concept was presented to Nursultan Nazarbayev, president of Kazakhstan at the Presidential Palace by the Chairman of Gulf Finance House, Esam Janahi, and the President and CEO of PFC Energy International PFC Energy International, Vahan Zanoyan.Following the presentation, a signing ceremony was held at the Rixos President Hotel, Astana, during which a memorandum of understanding (MoU) was signed. In addition to Gulf Finance House and PFC Energy International PFC Energy International, signatory parties included Gani Uzbekov, deputy chairman of the board of the Sustainable Development Fund, "Kazyna", Ulf Wokurka, deputy chairman of the management board of Kazakhstan Holding for Management of State Assets, "Samruk", and representatives of local investment companies. Located in Aktau on the shore of Kazakhstan's Caspian Sea, the proposed Caspian Energy Center, Kazakhstan, will represent the latest in a series of energy focused business clusters that GFHGFH has planned across the Middle East and Asia. Capitalizing on prodigious natural resources and strong economy, the project aims to contribute to the overall economic and human capital development of Kazakhstan by creating a services center that caters to every commercial, technical and human resource need of the oil and gas industry in the Caspian region. In addition, the Caspian Energy Center also aims to become a major global technical training center for the oil & gas industry. The center is expected to play a significant role in supporting the government's plans to double oil production and triple natural gas output by 2015. To build on these objectives, the center will develop a full service economic and business center catering to every commercial, technical and human resource need of the oil and gas industry operating in Kazakhstan, and ultimately, in the entire Caspian region with a view that with the Caspian Energy Center, Kazakhstan will have an "HR and skills nerve center" that facilitates Kazakhstan's human development, and positions it as a leader in human capital within the region. The Caspian Energy Center is an important and integral part of the socio-economic development of Kazakhstan," Nazarbayev said. "We have the vision, the will, and the knowledge base to implement an industrial, service, research and educational center of excellence that will attract the biggest names in world energy," he added.The CEO of JSC Kazakhstan Holding for Management of State Assets "Samruk", Kanat Bozumbayev, said on behalf of the government, that alongside their faith in the great new initiative, "there are rich growth prospects in the Caspian region and Kazakhstan has a unique opportunity to deliver an unrivalled centre for the hydrocarbons industry." GFH Chairman Esam Janahi said."We applaud the vision of HE President Nazarbayev and the Kazakh Government and look forward to working with them to inject a new impetus and sustained long term growth into the economy."
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