During the expanded government meeting with participation of the Head of State, Nurlan Zhakupov spoke about the results of the Fund’s work in 2024:

Financial indicators. In 2024, the Fund allocated KZT1,354 trillion in favor of the state.

Investment projects. In 2024, the Group implemented projects worth KZT 660 billion. It is planned to introduce 7 large-scale projects in 2025.

Corporate social responsibility. In 2024, the Fund provided support to 700 thousand Kazakhstanis in three priority areas - inclusion, sports and medicine.

Support for domestic producers: Contracts for KZT1.1 trillion were signed, the increase compared to 2023 made 76%. For the first time, the Fund’s procurement system was recognized as meeting the best standards of the EBRD, ADB and the OECD.

Privatization. Last year, events were completed for 6 companies. The IPO of Air Astana took place, the Fund’s share decreased to 41%. A purchase and sale agreement of QAZAQ AIR to Vietnamese Soviet and its local partner has been signed. The sale of 100% of Mobile Telecom-Service LLP to the Qatari PIH has been completed.

In addition, the Head of the Fund outlined the Group’s goals for 2025.

KazMunayGas plans to produce 25.6 million tons of oil. New projects in geological exploration and petrochemistry will be continued. The capacity of the Shymkent Oil Refinery will be doubled.

QazaqGaz will continue to implement investment projects for $11 billion. Geological exploration will be continued to expand gas reserves.

Kazakhstan Temir Zholy plans to upgrade its rolling stock fleet to 3,000 units. KTZ will also continue to build tracks for the development of the Trans-Kazakhstan railway corridor. The priority is the development of transit routes and terminal network from Lianyungan to Budapest, as well as in the North-South direction from Moscow to Abu Dhabi.

Kazatomprom will continue to work on geological exploration both domestically and abroad. In light of the nuclear agenda, the company will strive to develop the entire production chain of the nuclear fuel cycle.

Energy companies will continue to work on the construction of new and expansion of existing generation facilities.

By 2032, Samruk-Energy will introduce 4.7 GW of coal-fired generation, 2.2 GW of gas-fired capacity and more than 8 GW of renewable energy.

In turn, Kazakhstan Nuclear Power Plants LLP, as the customer of the project, will be the general operator in the consortium for the construction of a nuclear power plant.

Photo: Akorda press service