BAKU, Azerbaijan, September 30.
Kazakhstan’s national oil and gas company KazMunayGas (KMG) has
divested its stake in Phystech II JSC, according to KMG.
The change in KMG’s list of organizations in which it
holds 10% or more of the shares took effect on September 25, 2026,
according to corporate disclosures on the Astana International
Exchange (AIX) on September 29. The transaction amount was not
disclosed.
Phystech II JSC is a Kazakh oil and gas company
established in 2015 and specializing in hydrocarbon exploration and
production. The company holds the right to produce oil at the North
Karazhanba field in Kazakhstan’s Mangystau Region.
In June 2026, KMG acquired Phystech II, which had
previously been owned by businessman Kairat Boranbayev.
Earlier, KMG announced plans to consolidate 100% of
the shares in KMG Kashagan B.V., which holds a 16.877% stake in the
North Caspian Operating Company (NCOC) consortium operating the
Kashagan oilfield.
KazMunayGas is Kazakhstan’s leading vertically integrated oil
and gas company, with operations covering the entire production
cycle, from hydrocarbon exploration and production to
transportation, refining and specialized services. Established in
2002, KMG represents Kazakhstan’s interests in the country’s oil
and gas industry.
In the first half of 2026, KMG produced 12.437 million tons of
oil and gas condensate, compared with 13.043 million tons in the
same period of 2025. The company’s oil transportation volumes
increased by 4.0% year-on-year to 43.280 million tons.
The volume of hydrocarbon feedstock processed at KMG’s
refineries in Kazakhstan and Romania amounted to 10.215 million
tons, compared with 10.375 million tons in the first half of
2025.
