Potential Changes in Ownership of Two Kazakh Companies Under Discussion

A source familiar with the matter told Orda.kz that Timur Kulibayev is discussing a possible deal with the Kazakh authorities related to the return of assets to the state.

Bloomberg previously reported that the businessman had agreed to provide the state with around $1 billion in cash and investments in an effort to settle potential claims as part of a state investigation.

According to information obtained by Orda.kz, investments may be directed to Aqtobe Oil Equipment Plant JSC as part of the discussions.

The plant underwent an unexpected change in ownership at the end of last year. Its controlling stake was acquired by Aidar Amanzholov. According to the Orda.kz source, Amanzholov may be acting in the interests of Timur Kulibayev.

The source said the acquisition of the plant is being considered in the context of possible arrangements between the businessman and the state. These claims have not been officially confirmed.

It remains unclear what obligations the new owner may have in relation to the plant and whether the proposed arrangements include significant investment in its development.

Another asset reportedly under consideration is Neftestroyservis LTD LLP, a major construction and services company operating in western Kazakhstan.

The company produces asphalt, concrete, curbs and sandwich panels. It employs more than 4,200 people and reported revenue of approximately 53.4 billion tenge in 2024. In 2023, it paid 8.7 billion tenge in taxes.

Ibragim Akdrashev, who ranks 60th in the Forbes Kazakhstan ranking, is the sole founder and owner of Neftestroyservis LTD LLP.

The company has a significant presence in the oilfield services sector and works with major industry players, including Tengizchevroil, CPC, NCOC and Karachaganak Petroleum Operating.

“Kulibayev’s auditors are currently at the company. The deal to purchase it has not yet been completed, but it is planned,” the source told Orda.kz.

The possible acquisition and subsequent development of Aqtobe Oil Equipment Plant JSC and Neftestroyservis LTD LLP may be connected to the arrangements between Timur Kulibayev and the state previously reported by Bloomberg.

However, these arrangements and the reported plans to acquire the two companies have not received official confirmation.

In November 2024, reports emerged that another lawsuit seeking the recovery of assets had been filed against Timur Kulibayev, one of Kazakhstan’s wealthiest businessmen and the son-in-law of former President Nursultan Nazarbayev.

Original Author: Nikita Drobny