• KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10866 0.55%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10866 0.55%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10866 0.55%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10866 0.55%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10866 0.55%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10866 0.55%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10866 0.55%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
  • KGS/USD = 0.01144 0%
  • KZT/USD = 0.00193 -0%
  • TJS/USD = 0.10866 0.55%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28490 0%
10 December 2025

Uzbek Company to Invest $1 Billion in Afghanistan’s Energy Sector

On October 10, the Ministry of Mines and Oil of Afghanistan signed a contract with a Uzbek company to implement gas exploration and production in the Tuti Maidan gas field in the Jawzjan province of  northern Afghanistan. The contract will be valid for ten years, during which about one billion dollars will be invested in Jawzjan’s gas sector.

The Minister of Mines and Oil of Afghanistan, Hidayatullah Badri, stated that gas reserves in Tuti Maidan cover an area of approximately 7,000 square kilometers and emphasizing its importance, said that the initiative is expected to significantly meet the country’s energy needs, increase national income, and create new jobs. According to Badri,  “In the first two years, the mentioned company will produce 100 megawatts of electricity from gas, which is a positive step towards increasing electricity supply.”

In turn, Ismatilla Ergashev, Uzbekistan’s special representative for Afghanistan, noted that his country’s investment in Afghanistan is crucial for improving economic conditions and creating jobs, saying,
“We aim to implement Afghanistan’s economic potential to create jobs for millions of Afghans. Our goal is Afghanistan’s economic revival and improving people’s lives.”

Following the United Nations General Assembly in September, during which Uzbekistan’s Foreign Minister Bakhtiyor Saidov emphasized that Afghanistan is a crucial part of Central Asia, and solving the Afghan issue is vital for the region’s stability and sustainable development, the minister held a meeting on October 9, with Abdul Ghafar Terawi, the new head of Afghanistan’s diplomatic mission in Tashkent.

Previously, the issue of Afghan military aircraft remaining in Uzbekistan had caused protest from the Taliban.

Tajikistan Signs First Stage of $100 Million Contract with OPEC Fund for Rogun HPP

On October 10, during a visit to the headquarters of the OPEC Fund in Vienna, a delegation from the Republic of Tajikistan, led by Deputy Prime Minister Usmonali Usmonzoda, signed a contract marking the completion of the first stage of the Credit Agreement between the two parties to finance the Rogun HPP (Lot 4) project.

The project aims to promote the republic’s energy security and economic development by increasing the production of electricity to supply the domestic market and its export to the region’s countries.

A total of  $100 million allocated by the OPEC Fund for the project, will be implemented in four stages under separate agreements worth $25 million.

The rating agency S&P has estimated the cost of completing the construction of the Rogun HPP in Tajikistan as $6.4 billion. According to S&P, the Rogun HPP currently produces electricity at 10-15% of its total capacity. In 2024-2035, income from electricity which is expected to reach $1.1 billion, will be invested in further construction of hydroelectric power plants.

On September 17, during the summit of the Central Asian countries and Germany, in Astana, President of Tajikistan, Emomali Rahmon, invited German Chancellor Olaf Scholz to cooperate on the Rogun HPP.

Since then, The Times of Central Asia has been reporting on loans allocated for the plant’s construction.

Donor Delegation Visits Kyrgyzstan to Assess Progress on Kambarata-1 HPP

As reported by the Kyrgyz Ministry of Energy, on October 7-11 Kyrgyzstan received a delegation from the Donor Coordination Committee for the construction of the flagship Kambarata-1 Hydropower Plant (HPP) comprising representatives of the World Bank, the Asian Development Bank, the Islamic Development Bank, the European Union, the European Investment Bank, the United States Agency for International Development, and the UK Foreign, Commonwealth & Development Office.

The Committee, established at the Kyrgyz Republic International Energy Investment Forum, in Vienna on June 10, 2024, comprises major international financial institutions and development partners, including the World Bank, the OPEC Fund, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Islamic Development Bank, and the European Bank for Reconstruction and Development.

The Kambarata-1 HPP, with a projected capacity of  1,860 megawatts and an average annual generation of 5.6 billion kilowatt-hours of electricity, is to be constructed at preliminary  cost exceeding $4 billion in the upper reaches of the Naryn River in Kyrgyzstan. Once completed, the largest hydropower plant in Kyrgyzstan is expected to end the country’s electricity shortages. In addition, the ambitious project, jointly implemented with Kazakhstan and Uzbekistan, aims to strengthen cooperation within Central Asia in water and energy resource management.

During their visit, delegates reviewed progress on the Kambarata-1 HPP and in addition, met Kyrgyz Minister of Energy Taalaibek Ibrayev and representatives of Kazakhstan and Uzbekistan to discuss and establish a mechanism for regular consultations and data exchange to ensure effective cooperation on the project.

Last month, Minister Ibrayev reported significant progress on the development of the HPP construction and said that all preparatory stages will be completed by next May. Early in September, Kyrgyzstan’s Cabinet of Ministers and the World Bank organized a roundtable on the selection of a dam for the Kambarata-1 HPP. The Swiss engineering company AFRY proposed various options for the project, and based on the type of dam chosen, the Kyrgyz Ministry of Energy stated that a feasibility study would be prepared by May 2025.

Central Asia’s Increasing Profile in Global Climate Policy

Between 11 and 22 November, the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) will take place in Baku, Azerbaijan. In the run-up to this global event, Central Asian countries have been continuing their integration into the cooperative implementation of the global energy and environmental agenda. Such measures include, but are not limited to, commitments to reducing methane emissions, contributions to green supply chains, and — for Kazakhstan in particular — its nuclear policy based on multi-vector diplomacy.

One may anticipate their especially enhanced presence in view of the fact that several them have strategic-partner relations with Azerbaijan, which is cooperating with them also in the implementation of the Trans-Caspian International Trade Corridor (TITR or “Middle Corridor”). The Central Asian states are using their implementation of global energy and environmental priorities as an instrument to integrate further into the international system. Following their participation at COP28 (30 November – 23 December 2023, in Dubai, United Arab Emirates), all five of them signed the Global Methane Pledge to reduce methane emissions by at least 30% by 2030.

They have also stepped up their contributions to green supply chains, signalling their ambitions to become more important players in global geoeconomics. At the same time, these initiatives also seek to promote domestic economic diversification. Kazakhstan, in particular, continues to play a central role with its multi-vector approach, notably in the nuclear energy sector, positioning itself at the intersection of sustainability and global energy security. Kazakhstan holds 12% of global uranium reserves. It became the world’s leading producer in 2009 and in 2022 accounted for 43% of global production. In Central Asia, Uzbekistan has a Rosatom-sponsored NPP project under way, as does Kyrgyzstan.

Along with Kazakhstan, Uzbekistan and Turkmenistan in particular actively engaged in discussions on climate policy at COP28, acknowledging the need to balance their resource-rich economies with global sustainability goals. One of the key outcomes was the region’s collective involvement in the Global Methane Pledge. Global environmental policy bodies have assessed that methane emissions are a significant concern for global climate policy.

The effect of this assessment will be to load still greater financial burdens on oil and gas companies by making development of hydrocarbon deposits, and the transmission of hydrocarbon resources to market, more expensive. Kazakhstan’s commitment to cutting methane emissions by 30% by 2030 exemplifies this shift, signalling a readiness to reform domestic industries in line with global climate targets. Turkmenistan has the highest methane emissions intensity in the region, but challenges remain in terms of monitoring and implementation.

Uzbekistan’s leadership was also highlighted at COP28. The country’s ambitious plans to scale up solar and wind energy by 2030 align with broader regional goals of reducing dependence on hydrocarbons. This is Tashkent’s (and the region’s) way of enhancing their profile as “good global citizens” as policy decisions by political bodies at the international level increasingly emphasize decarbonization. Uzbekistan has made strides in “green supply chains” by focusing on the renewable energy sector as a driver for sustainable industrial development. This aligns with President Shavkat Mirziyoyev’s broader economic modernization agenda, which sees renewable energy as a pathway to enhance regional cooperation and economic integration while reducing environmental harm.

In addition, Central Asia is emerging as a key player in the global shift toward green energy not only through its potential for renewable energy production, but also due to its wealth in rare earth elements (REEs). Here, Kazakhstan leads the way with over 56 identified deposits of REEs, including vital materials like lithium and cobalt, which are essential for battery technologies in renewable energy systems. With reserves exceeding 450,000 tons, Kazakhstan is set to become a major supplier for the growing green tech industry. Kyrgyzstan and Tajikistan, which may possess substantial undiscovered REE deposits, are also getting growing attention.

Beyond methane pledges, Central Asia’s contribution to the development of green supply chains has emerged as another key element of its integration strategy. Kazakhstan has been at the forefront of these developments, with projects such as the implementation of the Trans-Caspian International Transport Route that can bring green metals to market. This involves the construction of new segments as well as the modernization of existing infrastructure. This route connects China to Europe via Central Asia and the Caspian Sea, and it will continue to play an increasingly critical role in global logistics and trade.

It is expected that investments in eco-friendly transport systems and renewable energy infrastructure along the corridor will be targeted at minimizing and reducing carbon emissions. The Northern Corridor (i.e., through Russia) has faced infrastructure bottlenecks that can slow down transit times and increase emissions. The Middle Corridor offers also carbon-related advantages over the Northern (i.e. Russian) corridor. Longer distances and potential delays caused by border crossing issues and geopolitical instability can also make the Middle Corridor less carbon-inefficient than the Northern Corridor.

A notable outcome of the Central Asian states’ increasing cooperation was the adoption of the “Regional Strategy for Climate Change Adaptation” at the Central Asia Climate Change Conference held in Almaty, Kazakhstan, in May 2024. This conference brought together national governments, regional entities, and international actors to foster collaboration and share best practices for climate adaptation. It outlines cooperative measures among the five Central Asian nations to tackle climate impacts until 2030.

Kazakhstan’s multi-vector energy policy, a cornerstone of its foreign and domestic strategy, remains pivotal to the region’s engagement with the global system. President Kassym-Jomart Tokayev’s government has adeptly navigated the complexities of balancing relations with global powers — Russia, China, the U.S., and the EU — while advancing its energy security through a diversified approach.

A key element of this strategy is Kazakhstan’s leadership in nuclear energy. As the world’s largest producer of uranium, Kazakhstan has leveraged its resources to not only secure its energy future, but also to contribute to global nuclear energy supply chains. The country has built a sophisticated nuclear fuel cycle, from uranium mining to enrichment, positioning itself as a reliable partner for countries looking to develop low-carbon nuclear energy.

The shared challenges of water management, pollution control and sustainable resource use have prompted countries in the region to engage in multilateral initiatives supported by international actors, such as the United Nations and the European Union. Regional collaboration on projects such as the management of the Aral Sea basin and efforts to mitigate desertification will continue to become increasingly prominent.

Kazakhstan Reinstates Kulans in Wild Natural Habitats

Kazakhstan’s Ministry of Ecology and Natural Resources has announced the successful reintroduction of  kulans — Asiatic wild asses — to the country’s Ile-Balkhash and Altyn Dala nature reserves.

As a result of overhunting and competition for grazing with other livestock, wild kulans became extinct in Kazakhstan in the 1930s. To restore the species’ population, long-term projects were implemented. Between 1953 and 1961, 14 kulans were transported from Turkmenistan to Barsakelmes Island in Kazakhstan and in 1982, when their number reached 200, the animals were transferred to the mainland Altyn-Emel National Park.

Today, the country boasts two large herds of kulans in the Barsakelmes Reserve and the Altyn-Emel National Park, with that in the latter, numbering 3,965, representing the largest in Kazakhstan. The steady growth of the kulan population has also made it possible to resettle the animals in other historical habitats. On September 28-30, 43 kulans were transported from the Altyn-Emel National Park to the Ile-Balkhash Reserve in southern Kazakhstan and a further 24 kulans were released into temporary enclosures on the Altyn Dala Reserve in the central Kostanay region.

In a move to reintegrate other indigenous species in the region, Kazakhstan has also reintroduced Przewalski’s horses and Turan tigers to their historical habitats this year.

Moscow’s MOEX No Longer a Stakeholder in Kazakhstan’s Stock Exchange

Marking a significant move for the country’s financial market, Kazakhstan Stock Exchange (KASE) has announced the withdrawal of Moscow Exchange PJSC (MOEX) from its shareholders.

An updated list of shareholders, available on the official site of the Exchange, shows that as of October 11, 2024, the main shareholder of KASE remains the National Bank of the Republic of Kazakhstan, with a 47% stake. .

According to reports, the conclusion of its cooperation with MOEX, KASE marks the end of a collaborative phase that began on October 10, 2018, following the signing of a Strategic Partnership Agreement between the exchanges. During this period, several key projects implemented to advance Kazakhstan’s exchange market included modernizing trading and clearing systems, introducing central counterparty services across all trading segments, and launching new financial instruments, such as repo transactions with clearing certificates of participation.

On September 30, 2024, Vladimir Krekoten, representative of MOEX, resigned from the KASE Board of Directors, having applied for early termination of his position. The Exchange expressed gratitude to MOEX for its contribution in realizing strategic tasks to expand the exchange market opportunities and create new products.

KASE remains the leading exchange in Central Asia, providing universal opportunities for trading in corporate and government securities, currency transactions, derivatives, and bonds of international organizations. The Exchange is a member of the International Federation of Exchanges (WFE) and the Federation of Euro-Asian Stock Exchanges (FEAS) and actively participates in the UN Sustainable Stock Exchanges Initiative.

In June, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions against the Moscow Exchange (MOEX), the National Settlement Depository, and the National Clearing Center of the Russian Federation, after which, representatives of the exchange said they would consider continuing business relations with the Moscow Exchange (MOEX), subject to the restrictions on sanctions. On July 15, 2024, KASE Chairman of the Board Alina Aldambergen spoke out about the buyout of the Kazakh exchange’s stake from the Moscow Exchange (MOEX).