Doosan Group Chairman Park Jeong-won (left) shakes hands with Kazakh president Kassym-Jomart Tokayev during their meeting in Astana on Wednesday to discuss energy sector collaboration. (Doosan Group)

Doosan Group Chairman Park Jeong-won met with Kazakh President Kassym-Jomart Tokayev in Astana to discuss energy sector collaboration, as part of his role in the economic delegation accompanying South Korean President Yoon Suk Yeol on a state visit to Central Asia.

Chairman Park and President Tokayev met Wednesday at the Hilton Astana Hotel, accompanied by high-ranking officials and executives including Kazakhstan's Minister of Energy Almassadam Satkaliyev, Samruk-Kazyna CEO Nurlan Zhakupov, and Jung Yeon-in, vice chairman of the group’s power generation company, Doosan Enerbility.

Samruk-Kazyna is a sovereign wealth fund and joint stock company in Kazakhstan that owns significant shares in major national companies across different sectors.

The discussions focused on modernizing Kazakhstan’s aging thermal power plants, given the country's heavy reliance on thermal power for electricity generation and Doosan Group's expertise in the power generation sector.

"We believe Doosan's leading technology and strong track record in the energy sector make us the best partner for Kazakhstan's energy projects," said Chairman Park.

President Tokayev expressed specific interest in the Turkestan power plant being constructed by Doosan.

"The Turkestan power plant is a priority for us, and we'll provide full support to our collaboration," said President Tokayev.

Tokayev also acknowledged Doosan Energy’s contribution of approximately $100,000 towards flood recovery efforts in Kazakhstan, thanking the company for its assistance and empathy towards the affected population.

The following day, Doosan Enerbility solidified its partnership with Kazakhstan through a series of agreements. A cooperation agreement and a memorandum of understanding were signed with state-owned entities Samruk-Kazyna and Samruk Energy, aimed at enhancing Kazakhstan's power generation capabilities. The signing ceremonies at the Hilton Astana Hotel were also attended by Doosan’s top executives, including Chairman Park.

This cooperation agreement will encompass talent development and technology exchange programs, while the MOU, signed at the Korea-Kazakhstan Business Forum held on the same day at the hotel, involves Doosan Enerbility, Samruk Energy, and Korea Electric Power Corporation Plant Service & Engineering. It will focus on supplying environmental equipment for five power plants, including the aging Ekibastuz GRES-1 and GRES-2 plants, and three new thermal power plants.

Kazakhstan generates nearly 80 percent of its electricity from fossil fuels, with over half of its plants being more than 30 years old and in dire need of renovation. The Kazakh government aims to achieve carbon neutrality by 2060, promoting energy diversification and renewable energy expansion.

Last year, Doosan Enerbility secured a contract with Turkestan LLP, a Samruk-Kazyna subsidiary, to build a 1,000-megawatt combined cycle power plant in Shymkent, valued at 1.15 trillion ($837 million). The plant is set to be completed by 2026. In 2015, Doosan completed a 310MW combined cycle power plant for another Samruk-Kazyna subsidiary in Karabatan.