ALMATY – Kazakh Prime Minister Olzhas Bektenov held a series of bilateral meetings with executives of leading international energy companies and financial institutions on the sidelines of the 38th plenary session of the Foreign Investors’ Council, reaffirming Kazakhstan’s commitment to expanding investment cooperation and advancing major infrastructure and energy projects.
From L to R: Chevron Upstream President Clay Neff and Kazakh Prime Minister Olzhas Bektenov. Photo credit: Prime Minister’s press service.
During the meetings, Bektenov noted that Kazakhstan’s new Constitution had entered into force and highlighted the government’s focus on launching a new investment cycle to ensure sustainable and diversified economic growth. According to him, foreign direct investment exceeded $20 billion in 2025, while the government expects to attract more than $25.5 billion this year.
Energy projects and industrial localization
Bektenov met with Luca Vignati, Eni’s director of global natural resources exploration and production, to discuss the development of Kazakhstan’s energy infrastructure, including the construction of a 247-megawatt hybrid power plant in Zhanaozen, which is expected to support the deployment of low-carbon technologies and strengthen the country’s energy system.
Talks with Baker Hughes Chairman and CEO Lorenzo Simonelli focused on expanding localization and introducing advanced technologies in Kazakhstan’s oil and gas industry. The company has localized the production of 174 types of spare parts, while nearly 100 additional products are being jointly developed with Kazakh suppliers. Around 95% of Baker Hughes’ service operations in Kazakhstan are now carried out by local specialists.
Baker Hughes also expressed interest in expanding cooperation in gas processing, digital industrial monitoring, manufacturing and decarbonization projects.
Expanding cooperation with the World Bank
Bektenov also met with World Bank Vice President for Europe and Central Asia Antonella Bassani. The discussions focused on implementing the 2026–2031 Country Partnership Framework, aimed at accelerating Kazakhstan’s transition toward a more diversified, competitive and private sector-led economy.
Kazakh Prime Minister Olzhas Bektenov held a series of bilateral meetings with executives of leading international energy companies and financial institutions. Photo credit: Prime Minister’s press service.
According to the government, the World Bank has supported more than 50 projects worth over $8 billion in Kazakhstan in sectors including transport, education, digitalization, environmental protection and green technologies. Bassani also highlighted Kazakhstan’s growing role in developing the Trans-Caspian International Transport Route and recognized the country’s progress in digital transformation and artificial intelligence.
Strengthening partnerships with Chevron and Shell
Energy cooperation also featured prominently in meetings with Shell and Chevron. During talks with Shell’s President of Exploration and Production Peter Costello, the sides reviewed ongoing projects at the Karachaganak field and in the North Caspian, as well as opportunities for further geological exploration.
Meeting with Chevron Upstream President Clay Neff, Bektenov discussed the continued development of the Tengiz and Karachaganak projects, the stable operation of new production facilities, and the expansion of cooperation in exploration. The prime minister also emphasized the importance of increasing local content in procurement and strengthening workforce development for Kazakhstan’s oil and gas sector.
Record investment from the EBRD
The prime minister also held talks with European Bank for Reconstruction and Development (EBRD) President Odile Renaud-Basso, ExxonMobil Senior Vice President Peter Larden and Marubeni Corporation Managing Executive Officer Satoru Ichinokawa.
Discussions with the EBRD focused on expanding cooperation in transport, social and industrial infrastructure, digitalization, artificial intelligence and business support. According to the data, the EBRD’s investment portfolio in Kazakhstan has reached 354 projects worth $12.7 billion, while the bank expects its investment in the country to exceed 1.3 billion euros (US$$1.5 billion) this year, marking a record level.
ExxonMobil reaffirmed its commitment to long-term cooperation in Kazakhstan through its participation in the Tengiz, Kashagan and Caspian Pipeline Consortium projects. At the same time, Marubeni discussed opportunities to deepen Kazakh-Japanese cooperation in energy and industrial production.
Islamic Development Bank eyes deeper engagement
Separately, Deputy Prime Minister Serik Zhumangarin met with Islamic Development Bank (IsDB) President Muhammad Al Jasser to discuss expanding strategic cooperation. Zhumangarin proposed opening an additional IsDB office in Astana to strengthen coordination with central government agencies and support the development of Islamic finance.
Following the meeting, the parties exchanged signed copies of a forward-leasing agreement aimed at developing infrastructure in Kazakhstan’s special economic and industrial zones.
