The reconstruction of Almaty's CHP-3, a project worth 266 billion tenge, raises questions about the true owner of the contractor. A consortium of four Kazakh limited liability companies, which signed a contract with Almaty Electric Stations JSC (a subsidiary of Samruk-Energy), is hidden behind companies in a free economic zone of the United Arab Emirates, reports infohub.kz.
The contract for the reconstruction of CHP-3 was signed in September 2023. The consortium includes KBI Energy Group and Energo Spets Stroy. Due to an increase in value-added tax, the project cost rose to 266.14 billion tenge by April 2026, accounting for 45% of all assets of Almaty Electric Stations. KBI Energy Group is 100% owned by USI Management-FZCO, while Energo Spets Stroy is owned by AGM Management-FZCO, both registered in a UAE free economic zone. The ultimate beneficiaries of these companies are not publicly disclosed.
A journalistic investigation has uncovered a possible link between these structures and prominent Kazakh businessman Kairat Itemgenov. In a previous interview with Forbes, he mentioned that in the 2000s he acquired a design institute in Pavlodar and created KBI Energy LLP on its basis, followed by Energo Spets Stroy. In 2023, KBI Energy LLP was reorganized and merged into KBI Energy Group LLP. Before the reorganization, the founder was GBI Management FZE (UAE); after, it became USI Management-FZCO. Although there is no direct document confirming that Itemgenov remains the beneficiary, the complete overlap in business profile, address, and the customer for the reconstruction of Ekibastuz GRES makes this version the most likely.
Notably, Chairman of the Board of Samruk-Energy Kairat Maksutov, who previously could not clearly explain who stands behind the foreign founder of KBI Energy Group, was himself appointed managing director for finance of that company alongside Itemgenov in 2012. In mid-2023, Maksutov returned to Samruk-Energy as chairman of the board, after which KBI Energy Group began receiving large contracts from the state company, including the reconstruction of CHP-3.
As of mid-July 2026, the project is only 26% complete, with a stated completion date of end of 2026. Prime Minister Olzhas Bektenov threatened the contractor and the customer with penalties for falling behind schedule. For comparison, the neighboring CHP-2 is 92% complete. The financial position of the customer has also deteriorated: net profit of Almaty Electric Stations fell 3.5 times in 2025, to 5.5 billion tenge.
Thus, the convergence of coincidences points to a possible conflict of interest and the need for public disclosure of the contractor's ultimate beneficiaries. Kairat Itemgenov himself is known as the owner of the Aqniet Group pharmacy chain, as well as assets in railway transportation, greenhouse farming, and the hotel business. All his assets are consistently being transferred to UAE jurisdictions FZE/FZCO.