Billionaire Rakishev Sells Stake in ARK Petroleum

The industrial holding Fincraft Resources, owned by Kazakh businessman Kenges Rakishev, has sold its 50% stake in oil-producing company ARK Petroleum, Orda.kz reports.

According to a document published by the Kazakhstan Stock Exchange (KASE) on March 19, as of March 12, Fincraft Resources no longer holds a stake in ARK Petroleum LLP.

Despite this sale, Fincraft Resources retains several key assets, including SAT Nickel LLP, SAT Petrochemicals LLP, and the Ertis ferronickel plant.

ARK Petroleum was established in June 2023, shortly before securing geological exploration rights for the Shalva oil and gas field in the Mangystau region. The company won the auction for a 112-square-kilometer hydrocarbon exploration area.

ARK Petroleum is now controlled by:

• Proxymunai LLP (linked to former Majilis deputy Serik Konakbayev and Sholpan Abdukarimova)
  
• Hauling-1 LLP (owned by Sabyr Kozhakhmetov)
  
• Center-Energo LLP (owned by Rakhman Asambaev, who also holds a direct stake in ARK Petroleum)

While Fincraft Resources no longer owns a share, Sabyr Kozhakhmetov was closely affiliated with the holding as of 2024. He previously served as deputy chair of the board at Fincraft Resources JSC, was a supervisory board member at the Ertis ferronickel plant, and was executive director at Battery Metals Technologies Ltd.

Kenges Rakishev, the majority shareholder of Fincraft Group, currently ranks 19th on Kazakhstan’s Forbes list, with an estimated fortune of $435 million.

He has been actively expanding his business, acquiring oil and gas company Beineu Petroleum Limited, buying out a stake in coal mining firm Shubarkol Premium JSC, and planning to raise $20 million in investment through bond issuance.

Original Author: Nikita Drobny