Kazakhstan readies NOC for IPO

Kazakhstan

NUR-SULTAN, June 28, 2022 – Shares in Kazakhstan’s NOC, KazMunayGas, will be placed on local stock exchanges in 2022, state holding firm Samruk-Kazyna announced on Tuesday.

The company will be put up on domestic stock exchanges Kazakhstan Stock Exchange and Astana International Exchange.

Founded in 2002, the state-run company produces 25% of the nation’s oil and gas condensate and 15% of its natural gas and associated gas. The entity’s pipelines transport 56% of the country’s oil. KazMunayGas’s shares in local oil refineries cover 81% of Kazakhstan’s oil refining output.

Samruk Kazyna currently runs KazMunayGas with a 90.42% stake, with National Bank of the Republic of Kazakhstan holding the remaining shares.