Egypt’s Bell Energy and its business partners have pledged $660mn in investments to Karakalpakstan, following a series of high-level meetings aimed at boosting economic development in the region, according to Dunyo.
The agreements were reached during a working visit by a Karakalpakstan delegation, led by Chairman of the Jokargy Kenes Amanbay Orynbayev, to the United Arab Emirates. As part of the visit, the Embassy of Uzbekistan in Egypt facilitated a meeting with Haitham Hussein, Chairman of the Board of Bell Energy.
During the discussions, both sides explored Karakalpakstan’s investment climate, economic indicators, and the potential for large-scale international projects.
As a result, the Council of Ministers of Karakalpakstan and Bell Energy, along with its business partners, signed five memorandums of understanding totaling $660mn.
The planned projects include:
- Construction of underground storage facilities for petroleum products.
- Development of the Kayraktas gold deposit.
- Production of energy from waste.
- Establishment of bamboo plantations to produce bioethanol and aviation fuel.
- A social initiative aimed at improving child welfare in the region.
The parties agreed to move forward by developing the technical and financial frameworks necessary for each project.
In addition to the recent agreements, Bell Energy representatives held talks last week with Uzbekneftegaz to explore opportunities for collaboration in modernizing production facilities and advancing petrochemical and energy sector projects in Uzbekistan.
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