Kazakhstan's $124 bln megaproject pipeline masks wide gap between pledges and construction

September 2, 2026 at 06:53 PM3 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan has 13 announced projects worth over $1 billion each, totaling about $124 billion, according to Telegram channel Tradereport. The largest, the Hyrasia One green hydrogen complex in Mangystau, is estimated at $40-50 billion but remains in preparation with a final investment decision expected in 2026. The gap between announced investments and actual construction remains wide as the country seeks a new growth engine after completing the $48.9 billion Tengiz expansion.

Key Facts

Telegram channel Tradereport counts 13 projects in Kazakhstan worth over $1 billion each, with a combined announced value of about $124 billion.
The Hyrasia One green hydrogen complex in Mangystau region is estimated at $40–50 billion, making it the largest announced project in the country.
The Balkhash nuclear power plant near Ulken village is estimated at $16.4 billion, with Russian contractor Rosatom and Russian financing covering the main part of the cost.
Five of the 13 megaprojects are directly in the energy sector, totaling over $66 billion, more than half of the entire list's value.
The Tengiz expansion project, with a budget of $48.9 billion, reached $47.8 billion in spending by the end of 2025, and Tengiz produced about 39 million tonnes of oil in 2025.

Investment Pipeline

Kazakhstan is entering its largest investment cycle in decades as it seeks to replace the economic impact of the completed Tengiz expansion. The Tengiz future expansion and pressure management project had a budget of $48.9 billion, with spending reaching $47.8 billion by the end of 2025. Tengiz produced about 39 million tonnes of oil in 2025, and its annual production capacity may reach approximately 40 million tonnes after new facilities reach full output. The new project pipeline spans nuclear energy, metallurgy, petrochemicals, renewable energy, and artificial intelligence. A separate portfolio of 215 projects worth $78.6 billion was recently reported, reflecting a shift in Kazakhstan's investment model.

Hyrasia One Complex

The Hyrasia One project in Mangystau region is planned as a giant wind-solar complex with electrolyzers and infrastructure for green hydrogen and ammonia production. The developer is European SVEVIND Energy Group, and the planned investment volume is estimated at approximately $40–50 billion. The project envisions up to 40 GW of renewable generation, up to 20 GW of electrolysis capacity, and potential annual production of up to 2 million tonnes of green hydrogen or 11 million tonnes of green ammonia. The final investment decision for Hyrasia One was planned for 2026, infrastructure construction for 2027, and full capacity around 2032, but the project remains in preparation. Svevind, originally German-Swedish, has been part of Norwegian state-owned Statkraft since 2023, and the project was first announced in 2021 with timelines repeatedly shifted.

Balkhash Nuclear Plant

The Balkhash nuclear power plant near Ulken village is estimated at $16.4 billion, with $14.4 billion for the power units and the remainder for infrastructure, safety, and fuel during the warranty period. Russian Rosatom is the general contractor, and Russia is financing the main part of the project cost, with the Government of Kazakhstan covering 15% from its own funds. Engineering surveys in Ulken began in August 2025, construction is planned to start in 2027, and commissioning is scheduled for 2035–2036.