China and South Korea may step into Kazakhstan’s thermal power plant projects
Chinese and South Korean companies may take over the construction of three thermal power plants in Kazakhstan, replacing Russian contractors, according to Deputy Energy Minister Bakytzhan Ilyas.
Ilyas stated that Samruk-Energy, a state-owned company operating in Kazakhstan’s electric power sector, is currently in talks with potential contractors that can meet the country’s environmental standards and modern energy efficiency requirements.
«These could be energy companies from China or Korea. There are several options,» he said.
In April 2024, the governments of Kazakhstan and Russia signed an agreement to construct three thermal power plants in Kokshetau, Semey and Ust-Kamenogorsk, with a combined capacity of 1 GW. The project was to be implemented on a turnkey basis by Russia’s Inter RAO, with the Kremlin also promising preferential financing. The estimated cost of the project was $2.4 billion.
However, in late May 2025, First Deputy Prime Minister Roman Sklyar revealed that Russia was struggling to finance the equipment supply for the plants. He noted that if Russia failed to resolve the issue, Kazakhstan would have to seek new investors.
By mid-June, Energy Minister Yerlan Akkenzhenov confirmed that Kazakhstan might have no choice but to proceed with the construction independently if Russian financing does not materialize.
This issue was expected to be discussed between Sklyar and his Russian counterpart Alexander Novak on the sidelines of the St. Petersburg Economic Forum in late June 2025. However, no official statements followed the meeting.
