Kazakhstan and South Korea are exploring a major green energy project in East Kazakhstan that could involve around $2 billion in investment and produce up to 55,000 tons of green hydrogen annually.

A memorandum of understanding was signed between Kazakhstan’s Ministry of Energy, the administration of East Kazakhstan region and South Korean company YPP Corporation during President Kassym-Jomart Tokayev’s state visit to South Korea, Qazinform News Agency reports.

The agreement focuses on expanding cooperation in hydrogen energy and renewable energy, including research, analytical work, the exchange of expertise and joint development of promising projects.

One of the initiatives under consideration is a Green Energy Complex with renewable energy facilities totaling around 1 gigawatt in capacity.

Depending on the project's final configuration, the complex could produce either up to 55,000 tons of green hydrogen or approximately 310,000 tons of green ammonia per year.

Kazakhstan’s Ministry of Energy said the project’s preliminary cost is estimated at about $2 billion, subject to the results of a feasibility assessment.