Kazakhstan is entering a new investment cycle. With the Tengiz expansion project completed, the country is increasingly looking to energy, metallurgy, petrochemicals and digital infrastructure for the next wave of large-scale economic growth, DKNews.kz reports.
According to calculations by the Tradereport Telegram channel, Kazakhstan currently has 13 ongoing or prospective projects worth more than $1 billion each. Their combined announced value is estimated at around $124 billion.
That figure, however, should not be treated as investment already secured by Kazakhstan. Some projects are under construction, others remain at the design or preparation stage, while several of the largest initiatives have yet to reach a final investment decision.
After $48.9 Billion at Tengiz, Kazakhstan Needs Its Next Investment Driver
The timing of the new investment cycle is significant.
The Future Growth Project and Wellhead Pressure Management Project at the Tengiz oil field have largely been completed. According to KazMunayGas, the budget for this investment cycle was $48.9 billion, while spending had reached $47.8 billion by the end of 2025.
The new facilities have already reached their designed production level.
In 2025, Tengiz produced around 39 million tonnes of oil. Once the new facilities operate at full capacity, annual production capability could reach about 40 million tonnes.
For Kazakhstan’s economy, this marks a shift in investment priorities. For decades, the country’s largest capital inflows were concentrated primarily in oil and gas. The next group of major projects is emerging in nuclear power, metallurgy, petrochemicals, renewable energy and artificial intelligence infrastructure.
This shift is also visible in Kazakhstan’s broader investment portfolio. We previously reported on 215 projects worth $78.6 billion and how Kazakhstan’s investment model is changing.
Hyrasia One Is the Largest Project at $40–50 Billion
The largest figure on the list is associated with the Mangystau Region.
The Hyrasia One project envisages a massive network of wind and solar power generation, electrolyser capacity and infrastructure for the production of green hydrogen and ammonia.
The project is being developed by European SVEVIND Energy Group. According to official Hyrasia One materials, total investment is estimated at around $40–50 billion.
Its planned scale is exceptional: up to 40 GW of renewable generation capacity, as much as 20 GW of electrolysers and potential annual production of up to 2 million tonnes of green hydrogen or 11 million tonnes of green ammonia.
At the same time, Hyrasia One is one of the clearest examples of why the announced $124 billion cannot be counted as investment already committed.
A final investment decision was scheduled for 2026. Major infrastructure construction is expected to begin in 2027, with full capacity targeted around 2032.
We previously examined the development of Hyrasia One and its role in Kazakhstan’s hydrogen ambitions.
The Balkhash Nuclear Power Plant Is Valued at $16.4 Billion
The next megaproject has already moved from political debate toward practical preparation.
The planned Balkhash nuclear power plant near the village of Ulken is estimated to cost around $16.4 billion.
Russia’s Rosatom has been selected as the leader of the international consortium implementing the project. Engineering surveys at the Ulken site began in August 2025.
The active construction phase is expected to begin in 2027, with the units scheduled to enter service in the mid-2030s.
A financing model is also taking shape. Under previously announced terms, Russia could provide a state export loan covering up to 85% of the project cost, with the remaining share financed by Kazakhstan.
It would become the first nuclear power plant built in independent Kazakhstan.
Xinfa Plans a $15 Billion Investment in Pavlodar Region
Metallurgy could become another major centre of the new investment cycle.
China’s Xinfa Group plans to build a full-cycle industrial park in Pavlodar Region, with announced investment of $15 billion.
The project has moved beyond the memorandum stage. According to the Kazakh government, a land plot has been identified, a design institute has been engaged and construction of production facilities is expected to begin in 2026.
The first phase is scheduled for launch in 2028, with full design capacity targeted for 2029.
The project covers the entire production chain, from bauxite processing to alumina and aluminium production.
Planned annual output includes 4.8 million tonnes of alumina, 2.4 million tonnes of primary aluminium and 1.2 million tonnes of higher-value processed products.
Around 10,000 jobs have been announced.
If implemented in its current form, the project could significantly increase the share of deeper domestic processing instead of exporting raw materials alone.
East Hope Could Bring Another $12 Billion-Plus
Kazakhstan is also preparing another major Chinese-backed metallurgy project.
East Hope Group plans an industrial complex combining mining and processing facilities, aluminium production and energy infrastructure. The project’s initial announced investment value exceeded $12 billion.
In May 2026, the government disclosed a more specific configuration: a complex worth more than $10 billion in Kostanay Region, including a bauxite-processing mining and beneficiation plant, an electrolytic aluminium smelter and a wind power facility.
We previously reported on East Hope Group’s plans to invest more than $12 billion in Kazakhstan.
If both Xinfa and East Hope are implemented close to their announced scale, Kazakhstan could attract tens of billions of dollars into aluminium and non-ferrous metallurgy.
Ekibastuz Is Emerging as a $10 Billion Digital Infrastructure Hub
Data Center Valley stands apart from the other projects.
This investment is directed not toward oil or metals, but computing infrastructure.
In June 2026, the government of Kazakhstan, U.S. company Firebird and technology partners signed a package of agreements on artificial intelligence and digital infrastructure worth a combined $10 billion.
The project is being developed in Ekibastuz together with Kazakhtelecom. The latest official information refers to an initial site with 125 MW of capacity, while the broader Data Center Valley concept allows for further expansion.
The infrastructure is expected to use tens of thousands of modern GPUs.
Under this model, Kazakhstan would export not conventional raw materials, but a combination of electricity, data-centre infrastructure and computing power.
We previously took a closer look at the $10 billion Data Center Valley project in Ekibastuz.
Silleno Is Already Under Construction and Targets a 2029 Launch
While several megaprojects remain in preparation, the Silleno petrochemical complex in Atyrau Region is at a much more advanced stage.
Major construction of the polyethylene plant has already begun. The project is worth more than $7 billion, with production scheduled to start in 2029.
The shareholders are KazMunayGas with 40%, Sinopec Overseas Investment Holding with 30% and SIBUR with 30%.
Around 8,000 people are expected to be employed during the peak construction phase, while the operating plant is expected to create roughly 800 permanent jobs.
The facility is designed to produce more than 20 grades of polyethylene for both domestic consumption and export.
For investment statistics, this distinction matters: Silleno is no longer merely a plan or memorandum, but a physical project already under construction.
Qarmet Is Investing More Than $3.5 Billion in Existing Production
A different type of megaproject is unfolding in Temirtau.
Qarmet plans to invest more than $3.5 billion in production development and modernisation.
There is no need to build a new industrial complex from scratch. Instead, the capital is being directed into upgrading an operating steelmaking business.
The investment programme runs through the end of 2028.
Additional spending of around $500 million on coal operations and $978 million on iron ore assets has also been announced.
We previously reported on Qarmet’s large-scale investment programme and the modernisation of the Temirtau steel complex.
Early-Stage Projects Require Caution in the $124 Billion Total
The Tradereport list also includes initiatives that remain far from the construction stage.
One example is the Sozak unconventional gas project involving China’s Geo-Jade Petroleum.
The Kazakh government has confirmed that negotiations are taking place and that work continues at the level of working groups. However, official statements have not specified a confirmed project value.
Including such initiatives in a multi-billion-dollar overall portfolio illustrates Kazakhstan’s potential investment scale, but does not guarantee that the same amount of capital will ultimately be deployed.
The same principle applies to Hyrasia One. The further a project remains from a final investment decision, financing and physical construction, the greater the possibility that its cost, schedule or configuration may change.
$124 Billion Is a Project Pipeline, Not Cash Already Invested
That distinction is central.
The $124 billion is not money that Kazakhstan has already attracted or is guaranteed to receive. It is the combined estimated value of 13 announced and ongoing projects worth more than $1 billion each, all at very different stages of development.
Global investment statistics also show why such figures should be treated carefully. The UNCTAD World Investment Report 2026 notes that growth in global foreign direct investment is becoming increasingly concentrated in a relatively small number of major projects, particularly in digital infrastructure and strategic industries.
Global FDI increased by 6% in 2025 to $1.6 trillion, but that growth was unevenly distributed across countries and sectors.
For Kazakhstan, the decisive indicator is therefore no longer the number of memorandums signed or the total value announced.
The same portfolio now includes Silleno, where construction is already underway; Data Center Valley, backed by signed agreements; Xinfa, preparing for construction; the Balkhash nuclear power plant, where engineering surveys are under way; and Hyrasia One, whose tens of billions of dollars still depend on a final investment decision.
The scale of Kazakhstan’s next investment cycle will depend on how much of today’s $124 billion pipeline actually turns into construction sites, equipment, industrial capacity and operating businesses.
