Tokayev invites German companies to create consortium for joint crude projects

Kazakhstan has invited Germany to create a consortium to implement joint raw materials projects, said Kazakh President Kassym-Jomart Tokayev, who is on a visit to Germany, at a round table meeting of business circles of the two countries, Report informs referring to the presidential press service.

He noted that assessments conducted by the World Bank showed that Kazakhstan has over 5,000 undiscovered deposits worth over $46 trillion. In order to implement projects in this area, during a meeting with Chancellor Olaf Scholz, it was proposed to create a consortium, he said.

“This initiative, along with existing intergovernmental partnership agreements, will take our cooperation to a new level. I invite private German investors to join this Consortium,” Tokayev noted.

He also said that another promising area is cooperation in the field of renewable energy sources. Kazakhstan has all the prerequisites to become the world’s leading producer of green hydrogen, he noted.

“Currently, there is an agreement with the German-Swedish company Svevind Group for $50 billion for the production of green hydrogen. This is one of the biggest projects of this kind in the world. In the future, the production of green hydrogen may pave the way for the production of green steel and aluminum and other metals,” said the president of Kazakhstan.