Nostrum Agrees to Sell Kazakh Assets to Rakishev-Linked Altaris for $304.6 Million

August 17, 2026 at 03:29 PM2 min

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Nostrum Oil & Gas said it agreed to sell its Kazakh assets to Altaris Holding, a structure linked to businessman Kenes Rakishev, for $304.6 million. The deal covers stakes in Zhaikmunai LLP and Positive Invest LLP plus rights under related loan agreements. Completion requires antitrust clearance, Energy Ministry and QazaqGaz consent, bondholder approval and buyer financing confirmation by September 15, 2026.

Key Facts

The transaction is valued at $304.6 million with a later adjustment for net debt, working capital and cash.
Nostrum expects to pay unsecured noteholders an initial amount of about $150 million after the sale closes.
The long stop date for closing is September 15, 2026, with a possible automatic two-month extension.
Zhaikmunai LLP holds subsoil use rights to the Chinarevskoye field in West Kazakhstan Region.
Nostrum owns 80 percent of Positive Invest LLP, which holds rights to the Kamenskoye and Kamensko-Teplovsko-Tokarevskoye blocks.

Deal Structure

Nostrum Oil & Gas is selling its Kazakh assets to Altaris Holding, a structure linked to businessman Kenes Rakishev. The transaction covers stakes in Zhaikmunai LLP and Positive Invest LLP plus rights under related loan agreements. Zhaikmunai holds subsoil use rights to the Chinarevskoye field in West Kazakhstan Region. Nostrum owns 80 percent of Positive Invest, which holds rights to the Kamenskoye and Kamensko-Teplovsko-Tokarevskoye blocks.

Closing Conditions and Debt Payments

Completion requires competition-law clearances, consent from the Energy Ministry and QazaqGaz, approval from some bondholders and confirmation of buyer financing. The long stop date is September 15, 2026, with an automatic extension of two months if needed. After closing, Nostrum expects to repay secured notes in full and make an initial payment of about $150 million to unsecured noteholders. Nostrum plans an orderly wind-down of the whole group and does not expect significant distributions to ordinary shareholders.

Rakishev Financing

Telegram channel Finmentor.kz author Arman Batayev first drew attention to the deal. Batayev links the purchase to Fincraft Energy Holding's increase of yuan-denominated bonds to 4.2 billion yuan, or about $618.5 million. The bond prospectus said the proceeds would be used to acquire several oil and gas companies, according to Batayev. Batayev said the Baiterek group provided the significant financing to Rakishev's company.