Kazakhstan’s Economic Opportunities Presented in Norway
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Economic seminar "Doing Business in Kazakhstan" was held in Oslo. The event was organized by the Embassy of Kazakhstan in Norway with the support of the EAST Chamber of Commerce and Industry of Norway (Østhandelskammeret) and the Confederation of Norwegian Enterprise (Næringslivets Hovedorganisasjon, NHO), Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
From the Kazakh side, the speakers included Ambassador of Kazakhstan to Norway, Adil Tursunov and the Chairman of the Board of the Chamber of International Commerce of Kazakhstan, Murat Karimsakov, from the Norwegian side, the speakers were the Ambassador Designate of Norway to Kazakhstan, Helene Sand Andresen, the Chair of the Board of Directors of the East CCI of Norway, Ronny Solberg and the Senior Advisor of the International Department, NHO, Katarina Sætersdal.
The seminar was attended by representatives of the Ministry of Foreign Affairs of Norway, the Confederation of Norwegian Enterprise, the East CCI of Norway, the Norwegian Export Financing (EKSFIN), Norwegian companies from various sectors, as well as embassies of foreign countries accredited in Norway.
During the event, conference participants positively noted the increased momentum in economic cooperation between the two countries over the past two years.
The Norwegian participants of the seminar highly appreciated the presentation of Kazakhstan’s trade, economic, and investment potential, and during the networking sessions, they initiated a number of potential joint projects.
As a result of the event, agreements were reached on the next steps to further develop bilateral economic cooperation, including holding the second meeting of the Kazakh-Norwegian Business Council in May 2026 in Astana.
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Energy Ministry submits request to U.S. on potential buyout of Lukoil’s assets
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The Ministry of Energy has sent a letter to the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury regarding the potential buyout of Lukoil’s share in projects in Kazakhstan, Qazinform News Agency reports.
At a briefing in the Majilis, Minister of Energy Yerlan Akkenzhenov stated that the Government had not approached Lukoil with a proposal to purchase its assets. However, he reminded that Kazakhstan holds a preemptive right to buy out the company’s stake.
At the end of last year, we already noted that under the law, Kazakhstan holds a preemptive right to acquire Lukoil’s assets should they be offered for sale. In this regard, the Ministry of Energy has submitted a corresponding request to OFAC," the minister said.
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Kazakhstan restores oil production at Korolev field - Energy Ministry
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Oil production at the Korolev field has been fully restored, while the phased restart of the Tengiz field has also begun, Qazinform News Agency reports, citing Kazakh Energy Minister Yerlan Akkenzhenov, speaking on the sidelines of the Majilis.
Production at the Korolev field has now been fully restored, and the phased launch of the Tengiz field is under way. We expect Tengiz to be fully operational within a week," Akkenzhenov said.
The minister noted that the process is technologically complex.
A total of 30 transformers of various capacities are installed at the field, most of them rated at 110 kV. Three of these, which are critical pieces of equipment, were damaged. We have restored part of their functionality, and the field is now being brought back online in stages. The first gas has already been produced," he added.
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Kazakhstan and ExxonMobil - Strengthening Strategic Partnership in Energy Sector
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Minister of Foreign Affairs of the Republic of Kazakhstan Yermek Kosherbayev held a meeting with Senior Vice President of ExxonMobil Peter Larden, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
During the meeting, the sides discussed ExxonMobil’s current operations in Kazakhstan, including its participation in key energy projects, and also considered avenues for further expanding investment cooperation and strengthening mutually beneficial economic ties.
Minister Kosherbayev highlighted the important role of ExxonMobil as one of the Kazakhstan’s key partners in the oil and gas sector, emphasizing the company’s contribution to the implementation of strategic projects, the stability of the energy market, and the activities of the Foreign Investors’ Council under the President of the Republic of Kazakhstan.
In turn, Senior Vice President Larden highly appreciated Kazakhstan’s efforts to improve the investment climate and create favorable conditions for foreign investors, expressing readiness to continue long-term cooperation in the interests of sustainable development of the country’s energy sector.
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Kazakhstan’s exports to SPECA nations rise by 15%
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Vice Minister of National Economy of Kazakhstan Assan Darbayev took part in the opening of the Economic Forum of the United Nations Special Programme for the Economies of Central Asia (SPECA) and in the 20th session of the SPECA Governing Council, held in Ashgabat (Turkmenistan), Qazinform News Agency reports with reference to the Ministry of National Economy.
Speaking at the opening of the Forum, Darbayev emphasized that SPECA has proven itself to be an effective regional platform that contributes to the deepening of trade and economic integration, the development of transport connectivity and the promotion of sustainable development in Central Asia. Kazakhstan, in turn, is ready to join the implementation of initiatives in the field of trade, logistics, sustainable infrastructure and innovation.
He noted that Kazakhstan's trade and economic cooperation with SPECA countries is showing steady positive dynamics. In January-November 2025, trade turnover between Kazakhstan and SPECA countries amounted to $8.7 billion, an increase of 10.1% compared to the same period last year. Exports from Kazakhstan grew by 15% and reached $6.7 billion, reflecting the expansion of Kazakhstani producers' participation in regional supply chains.
Kazakhstan's progress in simplifying trade procedures was also highlighted. In 2023, Kazakhstan fully implemented its obligations under the World Trade Organization Agreement on Trade Facilitation, becoming one of a few countries in the region to complete this process.
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National Bank Keeps the Base Rate at 18%
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The Monetary Policy Committee of the National Bank of Kazakhstan has decided to maintain the base rate at 18.0% with a corridor of +/-1 percentage point, nationalbank.kz reports.
Inflation for 2025 stood at 12.3%, in line with the National Bank’s forecast. The largest contribution to inflation is the food component (13.5%), within which strong increases in prices for meat and oils are driven by higher production costs and elevated export supplies. Non-food inflation eased somewhat (to 11.1%) amid exchange rate appreciation in recent months, while price increases for paid services slowed (to 12.0%) as a result of administrative reductions in tariffs for regulated housing and utility services.
Monthly inflation in December 2025 edged up somewhat and amounted to 0.9%. Core inflation remains elevated at 0.8%.
Inflation continues to evolve in an environment where sustained domestic demand exceeds supply capacity. Second-round effects from the tariff reform and the liberalization of the fuel market continue to be passed through into expectations and prices.
Household inflation expectations one year ahead have increased (to 14.7%) and remain volatile. Inflation expectations of professional market participants for 2026 have also risen somewhat, to 10.8%.
Global food prices, despite declining in recent months, still remain at elevated levels. Prices for cereals and sugar continue to rise. In Russia, inflation is slowing amid tight monetary conditions, while in the European Union it remains persistently low. In the United States, the Federal Reserve continues to reduce interest rates gradually, while noting rising inflation risks associated with trade policy. Geopolitical tensions are intensifying, increasing uncertainty and potentially creating a more inflationary global environment.
Economic growth in Kazakhstan in 2025 amounted to 6.5% year-on-year, with strong growth persisting in transport, construction, trade, as well as in the mining and manufacturing industries.
Pro-inflationary risks are mainly driven by domestic factors: demand outpacing the growth of supply, and prolonged second-round effects from increases in regulated and fuel prices. Additional uncertainty arises from the parameters and design of the planned large-scale quasi-fiscal stimulus, which may reduce the disinflationary effect of the consolidation of the republican budget. Risks are also associated with the implementation of the tax reform, which envisages both an increase in the VAT rate and a broadening of the taxpayer base, as well as the subsequent adjustment of businesses over the coming quarters.
Disinflation is being supported by moderately tight monetary conditions, a slowdown in unsecured consumer lending (new lending up 7.3% year-on-year over the first eleven months of 2025), the reduction of excess liquidity through higher minimum reserve requirements and the mirroring of gold purchases, as well as the appreciation of the tenge.
Monetary policy. The dynamics of inflation and the balance of risks are in line with the National Bank’s forecasts and assessments. At the same time, external challenges, uncertainty regarding the scale of the impact of changes to the tax system and the parameters of the resumption of growth in utility tariffs and fuel prices from the second quarter of this year warrant a balanced and cautious approach to setting the base rate. Accordingly, the base rate is highly likely to be maintained at its current level until the end of the first half of 2026.
The National Bank will continue to monitor price developments and assess the effectiveness of joint initiatives under the Joint Action Programme for Macroeconomic Stabilization and Welfare Enhancement for 2026-2028, as well as the Comprehensive Measures for the Control and Reduction of Inflation.
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Kazakhstan set to accelerate expansion of its energy capacities
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At the Ulttyq Qurultay, President Kassym‑Jomart Tokayev stressed the need for Kazakhstan to rapidly increase its energy capacity without waiting for the completion of the construction of nuclear power plants, Qazinform News Agency reports.
He noted that the country currently generates 123 billion kWh of electricity that is insufficient to meet strategic development plans. Kassym-Jomart Tokayev emphasized that data centers consume as much energy as metallurgical plants, making energy self‑sufficiency a critical element of state policy.
The President highlighted Kazakhstan’s significant coal reserves, nearly 33 billion tons, enough to last roughly 300 years at current consumption levels.
He said coal is a strategic asset that should be fully utilized with modern technologies to minimize environmental damage. He stressed Kazakhstan needs to commission new energy capacities without waiting for the completion of the construction of nuclear power plants.
The Head of State instructed the Government to grant coal‑based generation the status of a national project and resolve the issue by March 20.
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