Almaty TPP-3 contractor ownership hidden behind UAE shell companies
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A consortium of Kazakh limited liability companies is reconstructing Almaty's TPP-3, a 266 billion tenge project critical for switching the city from coal to gas heating. All consortium members are ultimately owned by anonymous firms registered in the UAE's free economic zones, with no public disclosure of beneficial owners. One company in the chain may be linked to prominent businessman Kairat Itemgenov, owner of Kazakhstan's largest pharmacy chain, who has kept a low profile in recent years.
The Contract and Consortium
The contract for TPP-3 reconstruction was signed in September 2023 between Almaty Electric Stations (AlES), a subsidiary of Samruk-Energy, and a consortium including KBI Energy Group and Energo Spets Stroy. The project cost rose to 266.14 billion tenge in April 2026 due to VAT increases, representing 45% of AlES's total assets. KBI Energy Group is 100% owned by USI Management-FZCO, registered in a UAE free zone, while Energo Spets Stroy is 100% owned by AGM Management-FZCO, also in a UAE free zone.
Ownership Opacity
Both UAE parent companies are Free Zone Companies (FZCO/FZE) that do not publicly disclose their ultimate beneficial owners. Formally they appear unrelated, but Orda.kz found evidence linking them. KBI Energy Group's bank accounts, property, and vehicles were under seizure at the time of investigation, with a ban on notarial acts. Samruk-Energy chairman Kairat Maksutov could not specify the country of registration for the parent company and attributed the seizure to old debts after rebranding.
Possible Beneficiary
Documents and reorganization data suggest that one company in the chain may be connected to Kairat Itemgenov, owner of Kazakhstan's largest pharmacy chain. Itemgenov has maintained a low profile in recent years. The investigation highlights a pattern of opacity: in spring 2026, several officials, including Vice Minister of Energy Sungat Yessimkhanov and former First Deputy Prime Minister Roman Sklyar, could not publicly name the general contractor building three new thermal power plants in Kokshetau, Semey, and Ust-Kamenogorsk, worth nearly 1.5 trillion tenge.
What's Next
The reconstruction of TPP-3 is expected to be completed before the 2026-2027 heating season, but the ongoing asset seizures and ownership opacity raise questions about project viability. It remains unclear whether authorities will enforce transparency requirements or if the hidden ownership structure will delay the critical energy transition.
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Almaty TPP-3 contractor ownership hidden behind UAE shell companies
