Ulytau region named as possible site for new oil refinery
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The construction of a fourth oil refinery in Kazakhstan is being considered in the Ulytau region, Qazinform News Agency reports.
We are currently reviewing several options for the refinery’s construction, and one of them is the Ulytau Region. Expert assessments are under way, and as soon as the technical specifications and location are confirmed, we will share additional information," Vice Minister of Energy Kaiyrkhan Tutkyshbayev said on the sidelines of the Majilis.
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Kazakhstan and Saudi Arabia Strengthen Cooperation in Transport and Logistics
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Ambassador of Kazakhstan to Saudi Arabia Madiyar Menilbekov met with Saleh Al-Jasser, Minister of Transport and Logistic Services of the Kingdom, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
During the conversation, the parties explored opportunities to expand bilateral engagement in the field of transport and logistics. Particular attention was given to promoting new logistics routes, expanding the legal framework, and effectively utilizing the potential of international transport corridors.
The parties emphasized the importance of intensifying dialogue and developing practical cooperation in the transport and logistics sector, reaffirming their mutual interest to further advancing the Kazakh-Saudi partnership.
Following the meeting, the parties agreed to maintain working contacts and outlined further steps aimed at enhancing mutually beneficial interaction.
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Bektenov Reported to the President on the Implementation of Instructions to Strengthen the Country’s Economy
At the expanded session of the Government chaired by the President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, Prime Minister Olzhas Bektenov reported on the work being carried out to ensure sustainable economic development, primeminister.kz reports.
In accordance with the tasks set by the Head of State to further strengthen the national economy and the strategic goals outlined in the Address to the People of Kazakhstan, the Government implemented measures in 2025 aimed at systemic transformations.
The decisions adopted in tax, tariff, and budgetary policy, as well as in the digital and construction sectors and the social sphere, are aimed at the consistent elimination of structural imbalances that hinder economic development. Tax and budget reforms made it possible to form the country’s three-year budget without targeted transfers from the National Fund, with a gradual reduction of the budget deficit to 0.9% of GDP by 2028. Dependence of local budgets on the republican budget is decreasing from 50% in 2025 to 34% in 2028," Olzhas Bektenov emphasized.
It was noted that against the backdrop of the reforms carried out, Kazakhstan managed to maintain устойчивый economic growth by the end of 2025. In value terms, GDP increased by $20.1 billion. Overall, GDP growth in 2025 amounted to 6.5%. Economic dynamics were driven by accelerated development of key sectors: transport grew by 17.8%, construction by 14.6%, mining by 17.4%, manufacturing by 12.2%, trade by 26%, and agriculture by 5.9%.
The Government, together with the business community, is working to expand support measures for small and medium-sized enterprises. Priority is given to modernizing national infrastructure and implementing large industrial projects. According to the Prime Minister, special attention will be paid to supporting micro and small businesses.
In line with the instruction of the Head of State to ensure economic stability, the Isker Aimaq program has been approved, systematizing measures of financial, non-financial, and infrastructure support for micro and small business entities.
The Prime Minister stressed that existing instruments are insufficient to fully unlock the potential of SMEs. In this regard, the Government, together with the business community, is developing additional financial and regulatory support measures. One of the key initiatives will be a program to re-equip small and medium-sized enterprises with modern equipment. A special program through the Baiterek holding will allow entrepreneurs to obtain a concessional loan within 10 days to purchase modern machinery without additional collateral. This will enable businesses to increase competitiveness and address the issue of worn-out material and technical assets.
Taking into account the instruction voiced by the Head of State at the meeting of the National Kurultai, the Government is ensuring a smooth introduction of the new Tax Code and consideration of constructive proposals from the business community. Previously, a decision was made to cancel all tax audits for periods prior to 1 January 2026. In addition, liability measures will not be applied to micro and small businesses for violations committed in the current year.
By the end of 2025, the number of active SME entities in Kazakhstan increased by 5% and exceeded 2.2 million enterprises. Employment in the sector grew by 3.9% and reached 4.5 million people, accounting for about 46% of total employment and nearly half of the country’s economically active population. The SME share in gross domestic product amounted to 40.5%, with output volume reaching approximately 73 trillion tenge.
It was noted that the growth of citizens’ income levels is lagging behind the pace of economic growth. The share of wages in GDP stands at 31%, which is a high indicator for Central Asia. The goal is to reach the level of developed countries at 40% and above.
The growth rate of wages lags behind the dynamics of business profits obtained both independently and with state support. The Government is currently developing comprehensive measures to increase household incomes. Financial, tax, and other incentive measures are envisaged to raise wages, increase the number of jobs with decent pay, develop professional skills and qualifications, as well as reduce the financial burden on citizens," Olzhas Bektenov emphasized.
The main priority of the Government for 2026 has been identified as growth in real household incomes. This will be facilitated by a set of systemic measures aimed at creating new production facilities, developing entrepreneurial initiatives, and opening permanent jobs.
Attention was also paid to digitalization issues. Within the framework of the Year of Digitalization declared by the Head of State in the Address to the People of Kazakhstan, the task was set to introduce advanced technologies and artificial intelligence across all sectors of the economy and to build a digital state. At the same time, practical implementation of these tasks remains insufficient. In the real sector of the economy, digitalization processes are at an early stage. To date, sectoral databases have still not been fully formed. All these and other issues are expected to be addressed in the Government-developed Digital Qazaqstan strategy, which will consolidate all digital initiatives into a nationwide program.
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Kazakh President assigns to reduce inflation within 3 years
Kazakh President Kassym-Jomart Tokayev assigned the Government and the National Bank to ensure a lowering of inflation within three years, stressing personal accountability for results, Qazinform News Agency reports.
The Head of State stressed the need to bring inflation down to a stable and controlled level without sharp fluctuations and without harming economic growth.
The President noted the causes of high inflation are clear, adding it is crucial to solve this problem without damaging the country’s development.
Kassym-Jomart Tokayev charged the Government and the National Bank to jointly develop a step-by-step action plan, involving all state agencies and the expert community.
He emphasized it is necessary to take certain measures to reduce inflation within three years and ensure fulfillment of the joint action plan.
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Tokayev Receives President of the Asian Infrastructure Investment Bank
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President Kassym-Jomart Tokayev received President of the Asian Infrastructure Investment Bank, Zou Jiayi, akorda.kz reports.
During the meeting, President Tokayev emphasized that the Asian Infrastructure Investment Bank is a strategically important partner of Kazakhstan in implementing priority infrastructure and investment initiatives. He welcomed the signing of the Partnership Framework Agreement earlier today, noting that it would play a significant role in promoting sustainable economic development and strengthening regional cooperation. The President also congratulated Ms. Zou Jiayi on her recent appointment as President of the Asian Infrastructure Investment Bank.
We highly value the fact that Kazakhstan has become the first country you have visited in your new capacity. I believe this is a very positive sign that will give a strong impetus to our bilateral cooperation. Together with the Bank, we are implementing nine projects with a total value exceeding USD 2.6 billion. I am confident that all of them will become important elements of our further contacts and cooperation," - President Kassym-Jomart Tokayev noted.
For her part, Zou Jiayi stated that the AIIB has supported a number of major projects in Kazakhstan’s energy, transport, and social infrastructure sectors.
First of all, I would like to thank you for your warm words and for Kazakhstan’s long-standing support for the AIIB. I am honored by the trust placed in me by Kazakhstan and other shareholders. I will ensure continuity in the Bank’s activities, building on the achievements of its first decade, while also striving for progress to respond more promptly to the evolving needs of our clients," - said the AIIB President.
The interlocutors noted the significant potential for expanding cooperation. In the coming years, Kazakhstan intends to implement ambitious plans to modernize its infrastructure sector, and the AIIB expressed readiness to consider active participation in the implementation of these strategic initiatives.
Currently, financing is underway for the construction of a multidisciplinary hospital in Kokshetau, a 220 MW wind power plant, sections of the Zhezkazgan-Karaganda and Aktobe-Karabutak-Ulgaysyn highways, as well as the railway bypass around Almaty.
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Kuwait Fund for Arab Economic Development Focuses on Kazakhstan’s Infrastructure Projects
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Ambassador of Kazakhstan to Kuwait Yerzhan Yelekeyev held a meeting with Waleed Al-Bahar, Acting Director General of the Kuwait Fund for Arab Economic Development, Ministry of Foreign Affairs of the Republic of Kazakhstan reports.
During the talks, the parties discussed prospects for resuming and strengthening cooperation between Kazakhstan and the Kuwait Fund for Arab Economic Development (KFAED), as well as opportunities to utilize technical assistance instruments for the implementation of priority infrastructure projects.
Following the meeting, an agreement was reached on the Fund’s readiness to allocate up to USD 5 million in 2026 to provide technical assistance to Kazakhstan. This support will be aimed at preparing feasibility studies, conducting design and engineering works, as well as training and capacity-building of specialized personnel, thereby ensuring high-quality project preparation and subsequent implementation.
Priority areas of potential cooperation of particular interest to KFAED include modernization of energy infrastructure, including substations, construction and upgrading of wastewater treatment facilities, development of agricultural storage infrastructure, and construction and development of road networks.
Ambassador of Kazakhstan emphasized that the use of the Fund’s technical assistance instruments will enhance the quality of infrastructure project preparation, accelerate their implementation, and ensure compliance with international standards.
In turn, the leadership of the Kuwait Fund for Arab Economic Development expressed its readiness to resume active cooperation with Kazakhstan and further strengthen bilateral engagement. The Fund also confirmed its willingness to host an official delegation from Kazakhstan in Kuwait to discuss in greater detail prospective areas of cooperation and specific joint projects.
The parties agreed to continue substantive coordination and maintain regular contacts through relevant authorities to identify a list of projects that could be implemented with the Fund’s support in the near future.
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Kazakhstan drafts 2030 National Coal Generation Development Plan
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The Ministry of Energy has presented a draft National Plan for the development of coal generation: 7.6 GW of new and modernized capacities, Qazinform News Agency reports, citing the ministry’s press service.
The concept, with a preliminary implementation cost estimated at more than eight trillion tenge, is aimed at providing a long-term solution to the energy deficit and deeply modernizing the country’s worn-out capacities.
The plan is aimed at the construction of six major energy facilities, including Ekibastuz GRES-3 and thermal power plants in Kurchatov, Kokshetau, Semey, Ust Kamenogorsk, and Zhezkazgan.
At the same time, the issue of technical renovation of existing stations, such as Ekibastuz GRES-2 and Aksu GRES, is being considered.
New projects will be implemented through the mechanisms of tender selection of investors, while modernization of existing facilities will be carried out via investment agreements with the ministry.
These tools are designed to ensure transparency of implementation and guaranteed return on investment while maintaining predictable tariffs under long-term contracts.
Special attention in the project is given to ‘clean coal’ facilities using advanced technologies. Our task is a stage-by-stage replacement of outdated capacities with modern energy units featuring high efficiency and minimum emissions. We intend to maintain a strict balance between environmental requirements and energy security," emphasized Minister Akkenzhenov.
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