Kazakhstan’s National Fund Receives Record Low Oil Revenue

Kazakhstan’s National Fund received a record low amount of money from oil and gas companies in March, according to data from the Finance Ministry, Orda.kz reports.

Revenue from oil and gas companies totalled 83 billion tenge, or $175.6 million, in March. According to oil and gas expert Nurlan Zhumagulov, author of the Telegram channel Energy Monitor, this is the lowest monthly figure recorded since the National Fund was established in 2001.

In total, the fund received 98.1 billion tenge, or $207.6 million, in March. In addition to taxes and mandatory payments from oil and gas companies, that amount included fines, court-ordered payments in favour of the state, repayments of previously issued budget loans, proceeds from the privatisation of state assets and investment income from managing the fund.

Over the first three months of the year, the National Fund received 799.5 billion tenge, which is 26.6% more than in the same period of 2025. The total size of the fund reached 37.3 trillion tenge by the end of March, compared with 34.7 trillion tenge a year earlier.

The National Fund receives mineral extraction tax, corporate income tax, royalties from major projects, export rent tax, excess profit tax, as well as bonuses and Kazakhstan’s share under production sharing agreements. The largest share of these payments traditionally comes from corporate income tax. Export duty, however, goes directly to the republican budget, and its size depends directly on oil export prices.

Zhumagulov noted that under current conditions, with oil prices rising amid the war in Iran, oil sector contributions to the budget will also increase. At the same time, the National Fund will not receive part of the money it could otherwise have counted on. As an example, he pointed to deductions from Tengizchevroil, the operator of the Tengiz field, the country’s largest oil deposit. Under the terms of its production sharing agreement, the company pays export duty instead of royalties.

At the same time, payments to the National Fund are also expected to increase, since most of them depend on oil prices as well. Global oil price increases have not yet affected the fund’s revenue, because these payments are transferred with a delay.

Original author: Alexey Afonsky

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