Kazakhs, Russians create space venture

ASTANA, Kazakhstan, April 5 (UPI) -- Russia and Kazakhstan have signed founding documents for a joint space venture, Russian space officials said Tuesday.

Alexander Medvedev, head of the Khrunichev State Space Research and Production Center, and Maksudbek Rakhanov, chairman of the Kazakh Finance Ministry's State Property and Privatization Committee, signed the founding documents for the Baiterek joint venture, Khrunichev said in a news release.

Each nation retains a 50 percent share in the venture with a charter capital of $400,000, the Kazinform news agency said.

Khrunichev will build a new rocket-launch complex for Angara boosters -- Russian heavy launch vehicles -- at Kazakhstan's Baikonur cosmodrome, the center said. Baiterek's infrastructure will be based on existing launch sites for heavy boosters.

The center will be named Baiterek and planned for completion by the end of 2008, Russian media reported earlier.

Kazakhstan's share of the project will total between $120 million and $150 million, the Interfax-Kazakhstan news agency said.

International Launch Services, a joint venture of U.S. Lockheed Martin Corp. and Khrunichev, will market Baiterek's services, Khrunichev said.

The Baikonur cosmodrome -- 330 miles southwest of the Kazakh capital of Astana -- is now leased from Kazakhstan by the Russian government.