Turkish company eyes multi-million-dollar sugar refinery in Kazakhstan
Safi Holding is exploring a $200 million sugar refinery project in Kazakhstan with an annual output of 140,000 tons, requiring 1 million tons of sugar beet. Backed by the agriculture ministry, the move follows past sugar shortages and highlights Kazakhstan’s growing appeal for agribusiness investment.
Safi Holding, a major multi-sector conglomerate in Turkey, is exploring the construction of a sugar refinery in Kazakhstan, aiming to invest up to $200 million.
The plans were discussed during a meeting between Kazakhstan’s Minister of Agriculture Aidarbek Saparov and the holding’s CEO Atakan Safi. The company intends to invest in a high-tech facility with an annual production capacity of 140,000 tons of sugar. To achieve this goal, up to 1 million tons of sugar beet would need to be processed per season.
Therefore, the key factors in selecting the plant’s location include the availability of sufficient cultivation area and established infrastructure. The ministry pledged to provide comprehensive support within the framework of current legislation.
Safi, in turn, noted that Kazakhstan holds strong potential in agriculture and offers favorable conditions for launching a sugar production business.
Previously, Kazakhstan’s Prime Minister Olzhas Bektenov stated that the United Arab Emirates–based Al Khaleej Sugar — one of the world’s leading companies in the sugar industry — was considering the construction of a sugar plant near Qonaev, in the Almaty region, with planned investments totaling $493 million.
In the summer of 2022, following Russia’s introduction of a ban on sugar exports to Kazakhstan, the country experienced significant supply disruptions. As a result, sugar prices doubled, sparking panic among citizens. Experts and civil servants noted that Kazakhstan lacked sufficient capacity to process sugar beet and that farmers were uninterested in cultivating the crop.
Safi Holding is one of Turkey’s largest diversified conglomerates, comprising enterprises in mining, shipping and port operations, and sugar refining.
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Source : Kz Kursiv Media
