Sale of Timur Kulibayev’s Caspiy Neft Not Yet Completed

The sale of Caspiy Neft JSC, one of Timur Kulibayev’s key oil and gas assets, has not yet been completed. Analysts had earlier claimed that a change of ownership was already underway, Orda.kz reports.

According to information published on the KASE website, as of October 1, all 100,000 shares of Caspiy Neft JSC remain owned by a single shareholder — Joint Resources JSC. All shares of Joint Resources, in turn, are owned by Timur Kulibayev, one of Kazakhstan’s wealthiest businessmen.

Kulibayev ranks fourth on the Forbes list with a net worth of $5.3 billion.

Kulibayev may have abandoned plans to sell Caspiy Neft, or the deal is still being negotiated. As of the beginning of the month, it had not yet been finalized.

Reports that Kulibayev intended to sell his oil and gas assets — primarily Caspiy Neft JSC, which operates the Ayrankol oil field in the Atyrau Region — first surfaced in late August. Industry analysts suggested that a sale was likely, since Caspiy Neft remains his only oil and gas asset of major business interest.

A document about the upcoming transaction, published on the KASE website, also supported this assumption.

Further details emerged in early September. Preliminary reports indicated that the new owner of Caspiy Neft would be a Western investor already active in Kazakhstan. The asset transfer was reportedly planned for completion by the end of the year.

It was also reported that Timur Kulibayev might include the sale of development rights for the Ansagan field, operated by his company Almex Plus, as part of the broader transaction.

Original Author: Nikita Drobny