Top Managers Associated with Boranbayev Removed from His Former Oil Company

The board of directors of the oil company JSC Phystech II has been completely renewed, Orda reports.

Kairat Boranbayev once owned the company.

Among those leaving is Askhat Userov, who controlled the company with Boranbayev.

The KASE website indicates that on December 12, the decision to change the board of directors at Phystech II was officially signed on November 29.

Askhat Userov, Adil Daribekov (former CEO), and Yerbolat Tapayev left the company's management. A person with the same name and surname was associated with the offshore company Neris Finance Ltd, the ultimate beneficiary of which was Kairat Boranbayev.

58-year-old Askhat Userov, along with Kairat Boranbayev, was indicated in the financial statements of Phystech II as the ultimate beneficiary of this joint-stock company. 

He is one of the co-founders of Kazturboremont Holding Company LLP, which co-owned Phystech II.

The new members of the board of directors are from KazMunayGas structures: Azamat Naukenov (Director of the Engineering Support Department of KMG Engineering LLP), Kuangali Bekkali (as of 2018, he worked at the Research Institute of Production and Drilling Technologies of KazMunayGas LLP), and Samat Amanzhulov (Head of Batys Munai Gas LLP).

Azamat Naukenov heads the board of directors.

According to eGov, Phystech II currently has no founders (stakeholders).

The column, where the company's current owner is usually indicated, is empty.

Although in non-governmental databases, the company's owner is still listed as TOO "Holding Company Kazturboremont."

This is outdated information. In August, we reported that the state property and privatization committee became the company's sole shareholder.

JSC Phystech II is mainly engaged in exploring, producing, and selling oil in the Mangystau region. 

The company has been developing the Karazhanbas Severny field under a contract since 2006, which has been in effect for 25 years. The value of the asset has been estimated at 35.5 billion tenge.

Phystech II was one of the first assets Kairat Boranbayev announced would be transferred to the state in 2023.

In April 2024, it became known that the oligarch had indeed drawn up a deed of gift but had not signed it then.

The State Property Committee explained that they were working on accepting the company into state ownership.

Orignal Author: Nikita Drobny