Details Emerge on Sale of Timur Kulibayev’s Caspiy Neft

Details of a deal involving the company "Caspiy Neft," owned by one of Kazakhstan’s wealthiest businessmen, Timur Kulibayev, have surfaced, Orda.kz reports.

Industry expert Nurlan Zhumagulov shared new information about the sale of Caspiy Neft JSC, Kulibayev’s main oil and gas asset, on his Telegram channel Energy Monitor.

The buyer is a Western investor already operating in Kazakhstan. The deal should be completed by the end of the year. At the same time, the sale of the right to subsoil use of the Ansagan deposit (Almex Plus company) is optionally being considered,Zhumagulov reported.

He noted that Kulibayev’s company produces about one million tons of oil annually and is regarded as one of the most efficient in terms of tax payments on extracted raw materials, second only to Tengizchevroil and Karachaganak Petroleum Operating.

However, production at the Ayrankol field, developed by Caspiy Neft, is declining.

The notification of a major transaction involving Caspiy Neft JSC was published on the Kazakhstan Stock Exchange website on September 3. While it did not directly mention a sale, such announcements typically precede transactions involving partial or complete changes of ownership.

The decision underlying the notice was made on August 28.

Original Author: Nikita Drobny