BAKU, Azerbaijan, September 10. Kazakhstan and Abu Dhabi Commercial Bank (ADCB) discussed the participation of UAE financial institutions in the implementation of major energy and infrastructure projects in Kazakhstan.
This was announced in a statement by the press service of the Kazakhstan's Ministry of Energy, following the meeting between Minister Yerlan Akkenzhenov and an ADCB delegation led by Farooq Abdulrahman Al Marzooqi, Senior Banker at ADCB and Chairman of the Board of Directors of ADCB Kazakhstan.
The ministry noted that Kazakhstan and the United Arab Emirates have established strong partnership relations, with a joint project with Masdar to build a 1 GW wind farm in Zhambyl Region cited as an example of cooperation in the energy sector.
During the meeting, the Kazakh side presented key investment priorities for the energy sector for the next three to five years.
Among the main areas are the large-scale modernization of 77,500 kilometers of electricity grids, the development of renewable energy with plans to commission an additional 8.4 GW of capacity by 2035, as well as the development of gas processing infrastructure at major fields, including Kashagan and Karachaganak.
Particular attention was paid to projects involving higher value-added production.
In particular, Kazakhstan is constructing a large integrated gas chemical complex with an annual polyethylene production capacity of 1.25 million tons, as well as projects for the production of butadiene and alkylate. The sides also discussed plans to further expand the country's oil refining capacity.
The Ministry of Energy expressed interest in attracting Abu Dhabi Commercial Bank to support these initiatives.
"Possible mechanisms for cooperation include project financing, joint credit lines and public-private partnerships. Given the presence of ADCB Islamic's subsidiary in Kazakhstan, the use of Islamic financing instruments was also identified as a promising area of cooperation," the ministry said.
Representatives of ADCB, for their part, reviewed Kazakhstan's investment plans and opportunities for private capital participation in the country's energy sector for 2026-2030.
The bank expressed readiness to further study the projects presented by the Kazakh side in detail, according to the ministry.
