Kurmangazy Business Center
61a Kurmangazy Street
5th Floor
050000, Almaty

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55/16 Mangilik El Avenue
Block C 3.1, 3rd floor, Office Nos. 325-326
Nur-Sultan 010000

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Lena Makarenko

Lena Makarenko

Senior Associate
+7 727 355 0530

Lena Makarenko is a Senior Associate in the Almaty office. She focuses on subsoil (oil & gas and mining), energy, M&A and corporate, project finance and capital markets.


  • JOINT LEAD MANAGERS AND DEALERS on the update of the USD 10.5 billion Global Medium Term Notes Programme established by National Company KazMunayGas and its finance subsidiary, KazMunaiGaz Finance Sub BV, and the issuance by JSC "National сompany "KazMunayGas" of the Notes thereunder for the amount of USD 2.75 billion
  • A CONSORTIUM OF BANKS, involved in the financing of Tengizchevroil (TCO), a JV between Chevron, ExxonMobil, KazMunaiGas and LukOil, which operates Tengiz, one of the largest oilfields in the world, on the USD 36.8 billion bank/bond financing required to undertake an expansion program (Future Growth Project-Wellhead Pressure Management Project)
  • EBRD and UNICREDIT BANK AUSTRIA AG on the USD 260 million financing facilities for Yildirim Group
  • A PRIVATE ELECTRICITY AND POWER CORPORATION on a wide range of matters related to the proposed acquisition of a stake in a thermal power plant resulting in a joint venture and the proposed refurbishment of the thermal power station in Kazakhstan
  • JSC NATIONAL COMPANY "ROSNEFT" on the transportation of Russian oil to China through Kazakhstan's main pipelines system, operated by JSC National Company KazTransOil*

* Experience prior to joining Kinstellar


  • 2005 – 2007: Adilet Higher Law School, Almaty, Bachelor of Law
  • 1998 – 2000: Moscow Institute of Commerce and Law, Bachelor of Economics
  • 1994 – 1998: Kazakh State University of International Relations and World Languages, Almaty, B.A.


English, Russian