Investment Activities of the Fund
The objective of the Fund’s activities is to enhance the national welfare of the Republic of Kazakhstan by increasing the long-term value of the companies within the Fund Group, ensuring effective management of the Fund Group’s assets, and facilitating the attraction of foreign direct investment into the country.
To implement investment projects and attract foreign direct investment to the country, the Fund effectively applies a co-investment mechanism. The fund invests in the capital of projects with a minority stake, sharing risks with strategic partners, while not participating in operational management. At the same time, the Fund actively supports investors in their interactions with government agencies at all levels and increases the creditworthiness of joint projects.
Investment Policy
The Investment Policy of the Fund is a high-level document designed to achieve the strategic objectives of portfolio management and to regulate the Fund's investment activities.
The primary purpose of the Policy is to define the Fund’s investment goals and principles, as well as to establish the key provisions and instruments for managing its investment portfolio.
The Policy has been developed in accordance with the Law of the Republic of Kazakhstan “On the National Welfare Fund”, other applicable legal acts of the Republic of Kazakhstan, and the Fund’s internal regulatory documents.
The investment policy of Samruk-Kazyna JSC is based on the four main objectives:
- Ensuring long-term sustainable growth in the value of the Fund's portfolio and prudent capital appreciation.
- Creating, preserving, and enhancing financial wealth for future generations.
- Achieving diversification of the portfolio across geography, industries, and asset classes.
- Attracting foreign direct investment.
The Fund is guided by the following principles in its investment activities:
- The principle of commercial expediency: investment projects undertaken by the Fund and its portfolio companies are based on commercial feasibility, alignment with long-term strategic interests, and a core efficiency criterion of maximizing profitability and return on investment.
- "Yellow pages" principle in domestic investments: investments within the Republic of Kazakhstan are carried out in compliance with the restrictions established by the legislation of the Republic of Kazakhstan and in accordance with the “yellow pages” principle, ensuring that such investments do not hinder or crowd out the development of the private sector.
- The principle of responsible investment: The Fund is committed to promoting sustainable development by integrating environmental, social, and governance (ESG) principles into its investment activities. The Fund adheres to responsible investment practices, including restrictions on investments in sectors such as tobacco, alcohol, weapons etc.
- Long-term investment horizon: The Fund operates as a long-term investor, focused on generating sustainable value over time and maintaining resilience to short-term market volatility.
Investment criteria
- All investments must be commercially sound, demonstrating a positive net present value (NPV > 0) and an internal rate of return exceeding the cost of equity (IRR > CoE). 32
- Strategic partnership requirement: new investments, both within the Republic of Kazakhstan and internationally, are undertaken jointly with a strategic partner. 33
- Within the Republic of Kazakhstan, the Fund invests in economic sectors that are not represented in its current (traditional) portfolio, in accordance with Clause 18 of the Investment Policy. 34
- The Fund pursues international investments in sectors that are strategically linked to the Republic of Kazakhstan, with the exception of the oil industry.
- The Fund invests at all stages of project implementation and across the entire project lifecycle; however, it does not engage in venture financing or venture capital investments.
Project portfolio
The investment portfolio of the Fund’s group of companies comprises over 120 investment projects with a total value exceeding KZT 52 trillion.
For 2026, the Fund’s Board of Directors has approved a list of 62 major investment projects, amounting to KZT 31.5 trillion, for regular monitoring. These projects are concentrated in key sectors of the economy, including oil and gas, petrochemicals, energy, transport and logistics, as well as other strategic industries.
Of the total number of projects, 15 are at the pre-investment stage, where structuring and preparation of design solutions are underway; 6 projects are at the design stage, involving the development of feasibility studies (FS) and design and estimate documentation (DED). 41 projects have EPC or construction contracts in place, of which 33 are already under active construction.
Thus, the Fund ensures comprehensive oversight of the implementation of key investment initiatives, covering all phases from initial preparation and design to construction and commissioning.
Implemented investment projects of the Fund's group of companies in 2025:
To ensure a stable supply of drinking water to the population and enterprises of Zhanaozen, the construction of a Seawater Desalination Plant in Kenderli village was completed, with a capacity of 50,000 m³ per day;
- For investment projects predominantly financed (90% or more) through concessional funding and/or subsidized loans, the internal rate of return (IRR) must exceed the project's weighted average cost of capital (WACC).
- The Fund may consider independently undertaking direct investments outside the Republic of Kazakhstan starting from 2028.
- In cases where a portfolio company is unable to implement an investment project independently, the Fund may consider implementing such a project, with subsequent transfer to the relevant portfolio company and/or subsequent sale to a strategic partner.
The expansion of bitumen production by JV CASPI BITUM LLP was completed, increasing production capacity by 1.5 times to 750 thousand tonnes of bitumen per year;
The Taldykorgan–Usharal gas pipeline, with a total length of 302 km, was constructed. The project will provide access to natural gas for industrial facilities and enable the gasification of 84 settlements in the Zhetysu region;
As part of construction of a 247 MW hybrid power plant project together with ENI, a 50 MW solar power plant was successfully commissioned;
The first stage of a container hub in Aktau was launched, with a capacity of 120 thousand TEUs per year, aimed at enhancing Kazakhstan’s transit and logistics potential;
The ZHETYSU logistics terminal was commissioned in Almaty, with a capacity of 115 thousand TEUs per year, contributing to the development of the country’s transport and logistics infrastructure;
The project for the construction of second tracks on the Dostyk–Moiynty railway corridor was completed, increasing the section’s throughput capacity fivefold—from 12 to 60 pairs of trains per day—over a total length of 836 km;
Work traffic was launched on the main tracks of the Almaty bypass railway line, with a length of 75 km, alleviating congestion at the railway junction of Almaty station;
As part of the Kazakhstan’s Strategy for Carbon Neutrality by 2060, wind turbine production plant was commissioned in the Zhambyl region. The project was implemented in partnership with SANY Renewable Energy;
The technical launch of the digital gas metering project with GoldCard.
Among other results achieved at the end of 2025, it is advisable to note the following:
Construction and installation work has commenced on the following projects:
- Construction of SSC for the polyethylene project in the Atyrau region;
- Construction of a new gas processing plant in Zhanaozen in the Mangystau region;
- Construction of the second string of the Beineu-Bozoi-Shymkent MG in the Mangystau, Aktobe, Kyzylorda and Turkestan regions;
- Expansion and reconstruction of EGRES-2 with the installation of power unit №3 in the city of Ekibastuz, Pavlodar region;
- Unification of the energy system of Western Kazakhstan with UES of Kazakhstan on the territory of Aktobe and Atyrau regions;
- Strengthening of the power grid of the Southern zone of UES of Kazakhstan on the territory of the Turkestan and Zhambyl regions;
- Construction of a sulphuric acid plant with a capacity of 800,000 tonnes per year in the Turkestan region;
- Construction of the Moiynty-Kyzylzhar railway line on the territory of Ulytau and Karaganda regions;
- Construction of the Bakhty – Ayagoz railway line in the Abay region;
- Modernisation of the Altynkol - Zhetygen railway section in the Almaty region and Zhetysu region.
EPC contracts or CIW agreements have been concluded for the following projects:
- Construction of 300 MW solar power plant with China Energy Overseas Investment Co.;
- Laying a FOCL backbone in the Caspian Seabed;
- Modernisation of the Altynkol - Zhetygen railway section;
- Construction of the Bakhty – Ayagoz railway line;
- Construction of the Moiynty-Kyzylzhar railway line;
- Construction of a sulphuric acid plant with a capacity of 800,000 tonnes per year;
- Construction of ethane and propane trunkline in the Atyrau region.
Investment Agreements have been concluded for the following projects:
- An Investment Agreement was signed in April 2025 for the project Construction of the second string of the Beineu-Bozoi-Shymkent MG;
- An Investment Agreement was signed in September 2025 for the project Construction of 300 MW solar power plant with China Energy Overseas Investment Co.
Investment projects planned for completion in 2026:
- Projects focused on the modernisation and reconstruction of existing thermal power plants, as well as the completion of construction of new generating capacities;
- Development of gas processing and petrochemical infrastructure, including the commissioning of gas processing facilities and the construction of a hydrogen production unit;
- Projects aimed at expanding digital infrastructure, including the completion of data processing centres and the deployment of backbone communication lines;
- Projects involving the construction of new railway lines, modernisation of existing sections, and the implementation of automatic blocking systems to improve efficiency and safety.
Low-Margin Projects
In 2025, in accordance with the instructions of the President and the Government of the Republic of Kazakhstan, there were 3 low-margin projects at the implementation stage:
Construction of a 50,000 m3/day desalination plant at Kenderli.
This project is being implemented on the instructions of the Head of State. The new plant will provide Zhanaozen residents with stable access to drinking water. The facility will also reduce the load on the main Astrakhan-Mangyshlak water pipeline for the development of industry in the region. Construction of the plant was completed in 2025. The facility acceptance certificate was signed on October 30, 2025, followed by the issuance of a favourable sanitary‑epidemiological conclusion on November 26, 2025, confirming the plant’s readiness for operation.
Laying of FOCL along the Сaspian Sea.
The Caspian Sea FOCL will connect the countries of Central Asia with a single Internet space.
In 2025, Kazakhtelecom JSC continued working on the international complex project of construction of a fibre-optic line under the Caspian Sea along the Azerbaijan-Kazakhstan route, marine surveys were completed, and a cable was manufactured.
The project will also serve as a driver to accelerate the creation of a new digital telecoms corridor and help achieve a higher level of development of high-speed and secure data transmission infrastructure.
The project is scheduled for completion in 2026.
Construction of infrastructure facilities on the territory of the National Industrial Petrochemical Technopark.
This project is being implemented with an aim of developing a modern petrochemical cluster focused on the deep processing of hydrocarbon raw materials and the production of high-value petrochemical products. The project provides petrochemical production facilities on the territory of the Technopark with the necessary production infrastructure (energy resources – electricity, steam, water, technical gases) and the relevant general plant infrastructure (depot, roads, pumping station, sewerage, etc.).
In 2025, the work continued on the design of key infrastructure facilities to support the development of polyethylene and butadiene production complexes, as well as their derivatives. The scope of work includes the design of water treatment and wastewater treatment systems, an engineering network corridor, an automated gas distribution station (AGDS), and other supporting infrastructure. The project remains on track, with completion scheduled for 2028.
Priority projects
| № | Name of the project | Cost 35, KZT billion |
|---|---|---|
| NC KazMunayGas JSC | 9,911.4 | |
| 1 | Polyethylene production | 4,352.2 |
| 2 | Construction of SSC for the polyethylene project | 1,518.8 |
| 3 | Construction of a new gas processing plant in Zhanaozen | 560.8 |
| 4 | Expansion of production capacity of PKOP LLP to 12 million tonnes per year | 2,885.1 |
| 5 | Construction of a 247 MW hybrid power plant in Zhanaozen together with ENI | 218.2 |
| 6 | Construction of a hydrogen production unit at Pavlodar Refinery | 66.1 |
| 7 | Construction of ethane and propane trunkline in the Atyrau region | 310.2 |
| NC QazaqGaz JSC | 5,951.1 | |
| 8 | Construction of a gas processing plant at Kashagan deposit (1 billion m3) | 489.7 |
| 9 | Construction of a gas processing plant at Kashagan deposit (2.5 billion m3) | 1,404.0 |
| 10 | Increase in capacity of the Beineu-Bozoi-Shymkent MG (construction of the 2nd string) | 3,076.5 |
| 11 | Construction of a new compressor station KS-14 of Krasno-oktyabr LOS of Aktobe GTS and a new KS-14 – Kostanay main gas pipeline | 844.1 |
| 12 | Digital Gas Metering | 136.8 |
| Samruk-Energy JSC | 8,396.1 | |
| 13 | Modernisation of Almaty CHPP-2 with minimization of environmental impact | 349.0 |
| 14 | Reconstruction of Almaty CHPP-3 based on CCGT with a capacity of up to 450 MW | 399.0 |
| 15 | Expansion and reconstruction of EGRES-2 with the installation of the power unit №3 | 594.4 |
| 16 | Expansion of Ekibastuz GRES-2 with the installation of the power unit №4 | 684.5 |
| 17 | Construction of Kokshetau CHPP | 389.6 |
| 18 | Construction of CHPP-3 in Semey | 597.2 |
| 19 | Construction of Ust-Kamenogorsk CHPP | 616.4 |
| 20 | Construction of the Semipalatinsk HPP | 530.4 |
| 21 | Construction of a hydro-storage plant in the Republic of Kazakhstan | 417.8 |
| 22 | CCPP-based power plant in Kyzylorda region | 770.0 |
| 23 | Construction of a new chimney for power units No.1-No.4 of Ekibastuz GRES-1 | 22.3 |
| 24 | Construction of 300 MW solar power plant with China Energy Overseas Investment Co.; | 171.2 |
| 25 | Construction of a 500 MW wind power plant together with China Energy Overseas Investment Co | 326.2 |
| 26 | Construction of 1 GW wind power plant with energy storage system with Total Energies | 642.4 |
| 27 | Construction of 1 GW wind power plant with energy storage system with Masdar | 756.0 |
| 28 | Construction of 1 GW wind power plant with energy storage system with China Power International Holding Ltd. | 648.0 |
| 29 | Construction of 1 GW solar power plant (Tumar Commerce) | 426.6 |
| 30 | Construction of a 100 MW wind power plant with CNPC | 55.0 |
| CCGT Turkistan LLP | 745.2 | |
| 31 | Construction of a CCGT-based power plant with a capacity of up to 1,000 MW in Turkestan region | 745.2 |
| KEGOC JSC | 449.6 | |
| 32 | Unification of the energy system of Western Kazakhstan with UES of Kazakhstan | 208.0 |
| 33 | Strengthening of the power grid of the Southern Zone of UES of Kazakhstan | 157.7 |
| 34 | Strengthening of the external power supply scheme of Astana city (construction of power grid facilities) | 83.9 |
| NAC Kazatomprom JSC | 113.5 | |
| 35 | Construction of a sulphuric acid plant with a capacity of 800,000 tonnes per year | 113.5 |
| NC Kazakhstan Temir Zholy JSC | 1,988.2 | |
| 36 | Construction of the Darbaza-Maktaaral railway line | 286.0 |
| 37 | Construction of the Moiynty-Kyzylzhar railway line (320 km) | 720.3 |
| 38 | Construction of the Bakhty-Ayagoz railway line | 577.5 |
| 39 | Modernisation of the Altynkol-Zhetygen route | 115.5 |
| 40 | Construction of automatic block signalling systems on the Kyzylzhar – Saksaul railway section, Ulytau and Kyzylorda regions | 78.9 |
| 41 | Construction of automatic block signalling systems on the Kandyagash-Tobol section, Aktobe and Kostanay regions | 72.8 |
| 42 | Construction of automatic block signalling systems on the Aksu-1 - Degelen - Zhana-Semey railway section, Pavlodar and Abay regions | 57.8 |
| 43 | Construction of automatic block signalling systems on the Shalkar-Beineu railway section, Aktobe and Mangystau regions | 48.6 |
| 44 | Construction of second tracks between the Dostyk and Alashankou border stations with 1,520 and 1,435 mm gauge | 16.4 |
| 45 | Modernisation of the Beineu – Mangystau railway section | 14.4 |
| Kazakhtelecom JSC | 1,286.7 | |
| 46 | Construction of a 5G network in the Republic of Kazakhstan | 268.0 |
| 47 | Laying a FOCL backbone in the Caspian Seabed | 29.3 |
| 48 | Construction of a data centre in Astana | 15.8 |
| 49 | Provision of high-speed Internet access in the Republic of Kazakhstan (rural areas) | 225.6 |
| 50 | Data Centre Valley | 748.0 |
| Samruk-Kazyna Ondeu LLP | 1,111.7 | |
| 51 | Construction of industrial and general factory infrastructure facilities in the NIPT SEZ (Karabatan site) | 471.3 |
| 52 | Production of butadiene and its derivatives | 640.4 |
| Tau-Ken Samruk JSC | 1,710.3 | |
| 53 | Implementation of the geological exploration project of the Kuyrektykol deposit | 1.3 |
| 54 | Implementation of the geological exploration project of the Zhossybai deposit | 1.1 |
| 55 | Implementation of the geological exploration project of the Karatas deposit | 2.2 |
| 56 | Implementation of the geological exploration project of the Nura-Taldy deposit in the Karaganda region | 1.8 |
| 57 | Geological support of the exploration project of the Karadzhal deposit in the Abay region | 2.6 |
| 58 | Industrial development of Shalkiya polymetallic ores field | 222.3 |
| 59 | Joint development of tungsten-molybdenum ores from Severny Katpar and Verkhneye Kairakty deposits | 697.4 |
| 60 | Creation of the Kempirsay nickel-cobalt cluster | 218.6 |
| 61 | Expansion of production at the Vasilkovskoye deposit of Altyntau Kokshetau JSC | 453.8 |
| 62 | Development of the Obruchevskoye deposit by Kazzinc LLP | 109.2 |
| TOTAL | 31,550.4 | |
- The value is presented as of 8 May 2026.
Activities of Samruk-Kazyna Invest
Samruk-Kazyna Invest LLP is a financially stable investment company that, in co-operation with strategic partners, implements direct investments in various projects in the Republic of Kazakhstan.
The main objective of Samruk-Kazyna Invest is to diversify the investment portfolio of Samruk-Kazyna JSC.
Samruk-Kazyna Invest aims to stimulate economic development by creating new industries, creating quality jobs, reducing dependence on imports, increasing exports, and attracting foreign investment and technology.
Key performance results 2025
| INDICATOR | 2024 | 2025 |
|---|---|---|
| Financial indicators, KZT million: | ||
| Net gain on financial instruments measured at fair value through profit or loss | 26,492 | 32,926 36 |
| Dividends received | 3,803 | 5,526 |
| Operating expenses | (1,587) | (2,012) |
| Income (loss) from operating activities | 28,708 | 36,440 |
| Finance income (expenses), net | 5,974 | (3,225) |
| Gains on initial recognition of bonds issued at below-market rates | 6,360 | 22,035 |
| Other income (expenses), net | 14,893 | (6,332) |
| Income (loss) before tax | 55,935 | 48,917 |
| Corporate income tax expenses | (10,185) | (10,375) |
| Profit (loss) for the period | 45,750 | 38,542 |
Plans for 2026
In 2026, Samruk-Kazyna Invest LLP will focus on expanding its investment portfolio and strengthening its position in key sectors of the economy, including manufacturing, energy, digital infrastructure and healthcare.
Key projects launched in 2025 will move into the implementation and scaling phase. In the industrial segment, product deliveries are expected to commence under projects for the production of wind turbine components in the Zhambyl region, as well as smart gas metering systems in Almaty.
The investment strategy will prioritize projects with high added value, strong export potential, and scalability, implemented in partnership with international strategic investors. Emphasis will be placed on initiatives that contribute to the development of Kazakhstan’s economy, support portfolio diversification, and facilitate the transfer of international expertise.
- Values by year differ due to the revaluation of financial assets measured at fair value.