KTRWG Turbine Services LLP, a new joint venture company set up by international Wood Group and Kazak company KazTurboRemont (KTR), has been announced to coincide with a ministerial visit to Kazakhstan.
The joint venture (JV), has been established to focus on major maintenance services for turbomachinery rotating equipment including compressors and industrial gas turbines used in applications in the Caspian Projects.
Under the agreement, the JV will be named KTRWG Turbine Services LLP with Wood Group GTS and KTR holding an equal share of 50% each.
With a potential investment of almost $5M in people, equipment and training, the JV will enable the transfer of both knowledge and technology into the region.
"By collaborating with Wood Group GTS we are strengthening our capabilities, which allows us to develop and expand gas turbine technology and execute a larger workscope for customers," said Askhat Usserov, general director of KTR.
"As a leading gas turbine services company in the Kazak region, KTR is an ideal partner to help spearhead our expansion into the growing local energy market," said Mark Dobler, CEO of Wood Group GTS.
"We look forward to working hand-in-hand with KTR to bring the economic and environmental benefits of our products to Kazakhstan, as well as share our expertise built up over 30 years of working in the gas turbine market."
Lord Stephen Green, UK Minister of State for Trade and Investment, is leading a trade delegation to Kazakhstan as part of an ongoing UK Trade and Investment (UKTI) programme to assist UK companies to develop new business opportunities within Kazakhstan’s oil and gas sector.
The JV agreement was due to be signed officially today by representatives of KTR and Wood Group at a signing ceremony in Kazakhstan, which Lord Green will preside over.
"Kazakhstan is emerging as the dominant economy in central Asia and offers many opportunities for British businesses small and large across a wide variety of sectors," Lord Green said.
"This first ever visit by a UK Prime Minister demonstrates our commitment to strengthen the trade and investment links between our two countries. I am delighted that Wood Group has secured new business in Kazakhstan and I wish them every success."
Wood Group is one of the biggest UK employers in Kazakhstan with about 700 people and more than $100m of revenue operating to the highest safety standards. Wood Group, through its joint venture PSN KazStroy, is providing conceptual, FEED and detailed engineering design and technical support to two major operators in Kazakhstan as well as a broad range of services to other customers.