Former Boranbayev-Owned Phystech II to Be Privatized
Photo: Orda.kz
Phystech II, formerly owned by oligarch Kairat Boranbayev and currently managed by the Samruk-Kazyna fund, will be returned to private ownership, Orda.kz reports.
Prime Minister Olzhas Bektenov included it in privatization plans via decree. The updated list of large organizations marked for transfer to a competitive environment now includes Phystech II JSC, according to a document published on the government website on April 7.
Privatization is expected by the end of 2025. The options include a two-stage open tender, electronic auction, or direct sale.
Phystech II was one of the first assets transferred by Boranbayev to the state in October 2023. The company operates in the Severny Qarazhanbas oil field in the Mangystau region under a 25-year subsoil use contract. It was previously valued at 35.5 billion tenge and was held through Boranbayev’s KazTurboRemont group.
In April 2024, Orda.kz reported that while Boranbayev had transferred Phystech II to state control, he had not signed a deed of gift. The State Property Committee confirmed that procedures were underway to formalize the transfer. By August 2024, the company had officially become state property.
Following its transfer to the Samruk-Kazyna fund, top managers connected to Boranbayev were removed from the company’s leadership.
Original Author: Nikita Drobny
Latest news
- Kazakhstan Cancels Exam Results For More Than 700 University Applicants
- Astana LRT Operator Looks For Funding In China
- Smoke From Russian Wildfires Reaches Eastern Kazakhstan
- Kazakhstan Offers EU A Broader Partnership In Eurasia
- Oil Leak Reported In Caspian Sea Near Azerbaijan Coast
- Kazakhstan To Build 250 Roadside Service Stations For 180 Billion Tenge
- Police Chase With Kazakh Driver In Phuket Ends In Crash And Injuries
- Foreigners Moving To Kazakhstan Are Choosing Big Cities Over Most Regions
- Turkestan Region Leads Kazakhstan In Twin Births
- From Grain To AI: What Kazakhstan Brought To Afghanistan
- Helicopters Drop 39 Tons Of Water On Forest Fire In East Kazakhstan
- Kazakhstan Tightens Border Checks Despite Saying There Is No Fuel Shortage
- Kazakhstan Seeks Greek Investment In Energy And Transport
- Global Rating Agency Confirms Kazakhstan’s Investment-Grade Status
- Kazakh Company Sent $16 Million To China, Got No Goods And A Huge Fine
- Kazakh Parties Are Losing Focus With Overly Broad Programs, Expert Says
- Almaty Man Registered 990 People In One-Room Apartment And Received Sentence
- Montenegro President Makes First Official Visit To Kazakhstan
- Gas Prices In Kazakhstan To Rise From July 1
- Kazakhstan’s Oldest Gold Mining Company Resold For 8.7 Billion Tenge
