Compact GTL, a British technology company, recently signed an agreement with the Republic of Kazakhstan to help construct a small synthetic fuel plant.
Compact and Kazakhstan signed the memorandum of cooperation during the second Caspian Corridor Conference held on March 7 at the London Stock Exchange. The conference was sponsored by the International Bank of Azerbaijan and was supported by the London Stock Exchange Group, Asia House, TheCityUK and the Britain Azerbaijan Business Council.
Charles Hendry, the U.K. prime minister's trade envoy to Kazakhstan, Azerbaijan and Turkmenistan, said that British companies Shell, BG and BP had their origins in the Caspian region.
"The Caspian region is presently one of the most exciting places in the world to do business and yet many people can't place Kazakhstan on a map even though it's bigger than Europe," Hendry said. "The U.K. has a long history of working with the Caspian region. Three quarters of cars on British roads 100 years ago were powered by fuel from Azerbaijan."
Speakers at the event included Hendry, Natiq Aliyev, the minister of energy in Azerbaijan, and Kanatbek Safinovu, the executive secretary of the ministry of oil and gas of Kazakhstan.
The speakers discussed the Caspian region's economy and natural resources, the need for the development of the financial sector and capital markets, the strengthening of regional economic cooperation, trade and investment opportunities, and plans for the creation of the Southern Gas Corridor.
The Caspian Corridor region has a population of approximately 80 million people. Economic growth in the region reached 6 percent in 2014, making it attractive for international investors.
The first Caspian Corridor conference was held at Lancaster House in London in 2012.
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