From Uranium Leader to $15 Billion Nuclear Powerhouse: Kazakhstan Unlocks Central Asia’s Nuclear Market

Kazakhstan, the world’s largest uranium producer, is embarking on a transformative journey by launching its first commercial nuclear power plant. This step is more than just an energy project—it represents a strategic leap into becoming a nuclear energy nation and an emerging hub for global business opportunities in Asia.

For decades, Kazakhstan has been known as the backbone of the world’s uranium supply, accounting for about 40% of global output. Yet, until now, the country had no operating nuclear power plant, relying instead on fossil fuels and renewables to meet its energy needs. Today, with growing domestic demand, a widening electricity deficit, and its ambition to diversify its energy mix, Kazakhstan is opening its doors to the global nuclear business community.

This is the moment where manufacturers, investors, suppliers, and technology providers can gain first-mover advantage in one of the most promising nuclear markets of the coming decades.

Kazakhstan Chooses Rosatom: A Strategic Consortium

In a landmark decision, Kazakhstan has selected Russia’s state-owned nuclear corporation Rosatom to lead an international consortium for the deployment of its first nuclear power station. According to the Kazakhstan Atomic Energy Agency (KAEA), the choice was made after “an open and competitive” dialogue with leading global nuclear companies.

The shortlist included China’s CNNC, France’s EDF, and South Korea’s KHNP, but Rosatom’s proposal was deemed “the most optimal and advantageous.”

This consortium approach is vital for the global business community. Rosatom’s international projects are built on cooperation with foreign suppliers, allowing for the integration of cutting-edge global technologies. In practice, this means space for Western and Asian firms to participate in supplying equipment, providing services, and investing in the broader infrastructure that will support Kazakhstan’s nuclear sector.

The Ulken Project: Powering Kazakhstan’s Future

The government has designated the Zhambyl district, near the village of Ulken, some 350 kilometers northwest of Almaty on the shores of Lake Balkhash, as the site for the first nuclear power plant.

The project will deploy two Generation III+ VVER-1200 pressurized water reactors from Rosatom, providing up to 2,400 MW of installed capacity. These reactors are already successfully operating in countries such as Belarus, Türkiye, and China, with a lifespan of 60 years, extendable by another two decades.

This project is backed by strong public support: in October 2024, voters approved the construction of a nuclear power station in a national referendum, demonstrating broad legitimacy and political commitment.

The total cost of the plant is estimated at $14–15 billion (€12–13 billion), alongside an additional $1 billion (€860 million) earmarked for schools, hospitals, and modern infrastructure in Ulken. This represents not only an energy project but also a full-scale regional development program.

According to KAEA Chairman Almasadam Satkaliyev, the project will create thousands of jobs, stimulate modern infrastructure in remote regions, and inject large-scale investments into Kazakhstan’s economy.

“This project is a strategic choice for Kazakhstan, a driver of long-term economic growth for the region and the country as a whole,” Satkaliyev emphasized.

Addressing Kazakhstan’s Growing Energy Deficit

The timing of this project could not be more critical. Kazakhstan faces a 2 billion kWh electricity deficit as of 2024, equivalent to the consumption of about 500,000 households.

This shortfall, combined with growing industrialization and urbanization, makes nuclear energy a necessity rather than a choice. By the mid-2030s, the power plant will supply clean, stable electricity, reducing reliance on fossil fuels and securing long-term energy stability.

For investors, this represents a long-term growth market with guaranteed demand. The reactors’ 60–80-year lifespan ensures decades of operational and service opportunities for firms that engage early.

Beyond Power: Fuel Cycle and Industrial Ambitions

Kazakhstan is not stopping at power generation. The government has plans to establish a nuclear fuel manufacturing plant, further integrating itself into the global nuclear value chain.

Kazakhstan intends to retain ownership of its uranium raw materials while also owning the full technological processes of its first nuclear station. This means opportunities for partnerships in fuel fabrication, advanced materials, and reactor services.

The expansion of nuclear technologies into healthcare, agriculture, and industrial applications is also on the agenda. This diversification opens the door for suppliers of medical isotopes, radiation technologies, and advanced nuclear applications to enter a growing Central Asian market.

Strategic Partnerships: Rosatom and Beyond

While Rosatom is leading the first nuclear power plant project, Kazakhstan has already announced its intention to broaden partnerships. Plans are underway for China’s CNNC to lead the development of a second nuclear power station, signaling Kazakhstan’s strategy of diversifying its partners and technology sources.

Rosatom’s head, Alexei Likhachev, praised Kazakhstan’s decision, highlighting the potential for foreign supplier integration:

“It is worth noting that Rosatom relies on broad cooperation with foreign suppliers in its international projects, which allows the use of the most modern technical solutions.”

This consortium model ensures that global companies—whether in construction, advanced nuclear technology, or financial services—will find entry points into Kazakhstan’s nuclear sector.

The Role of the IAEA: Confidence for Global Investors

The International Atomic Energy Agency (IAEA) has reaffirmed its support for Kazakhstan’s nuclear ambitions. At a September 2024 meeting with KAEA Chairman Satkaliyev, IAEA Director General Rafael Grossi praised Kazakhstan’s systematic approach and confirmed the agency’s readiness to provide assistance at all stages, from site selection to commissioning.

Both sides agreed to develop a 2025–2027 roadmap of cooperation, which will include technical events, infrastructure development missions, and long-term strategic support.

For investors, the IAEA’s involvement provides an added layer of confidence. It underscores Kazakhstan’s commitment to safety, transparency, and adherence to international best practices.

Outlook: The Business Case for Kazakhstan’s Nuclear Market

Kazakhstan’s entry into the nuclear energy sector represents one of the most significant investment opportunities in the Asian nuclear industry today. Backed by political will, public support, international partnerships, and the world’s richest uranium resources, Kazakhstan is building not just a nuclear power plant—but a new industrial ecosystem.

For investors, suppliers, and nuclear technology firms, the opportunities are vast:

• Participation in a $15 billion+ infrastructure project.

• Supply chain integration in construction, equipment, and advanced technology.

• Long-term engagement in fuel cycle services and industrial applications.

• Entry into a new, stable, and growing nuclear market with decades of guaranteed demand.

The momentum is clear: Kazakhstan is positioning itself as the next nuclear energy hub of Central Asia. Those who enter now will gain a decisive advantage in shaping the country’s nuclear future and securing their place in one of the most promising markets of the global nuclear industry. Kazakhstan’s nuclear journey has begun. The business opportunities are wide open.