Altaris agrees to buy Nostrum assets for $304.6m

August 17, 2026 at 08:18 PM2 min

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Altaris Holding Ltd, linked to Kenges Rakishev, agrees to buy Nostrum Oil & Gas's main assets for $304.6 million. The deal includes 100% of Zhaiykmunai, operator of the Chinarevskoye field in West Kazakhstan, and 80% of Positiv Invest. Completion requires Kazakhstan's economic concentration approval by September 15, 2026, even as proceeds are earmarked for creditor repayment.

Key Facts

Altaris Holding Ltd, registered in the AIFC in June 2026, agreed to buy Nostrum Oil & Gas's core assets for $304.6 million.
The package comprises 100% of Zhaiykmunai, operator of the Chinarevskoye field, and 80% of Positiv Invest.
Nostrum Oil & Gas defaulted on its bonds in June 2026, prompting the sale.
The deal needs economic concentration approval in Kazakhstan by September 15, 2026.
Altaris counts Fincraft Energy Holding Limited, part of Kenges Rakishev's Fincraft Group, among its shareholders.

The Acquisition

Altaris Holding Ltd, registered in the Astana International Financial Centre in June 2026, has agreed to acquire Nostrum Oil & Gas's key assets for $304.6 million. The transaction includes a 100% stake in Zhaiykmunai, which operates the Chinarevskoye oil and gas condensate field in West Kazakhstan, and an 80% stake in Positiv Invest. Among Altaris shareholders is Fincraft Energy Holding Limited, part of Kenges Rakishev's Fincraft Group. Proceeds of $304.6 million are scheduled to go toward repaying Nostrum creditors.

Conditions and Creditor Repayment

The transaction has not closed and still requires economic concentration approval in Kazakhstan. The deadline for satisfying all conditions is September 15, 2026. Nostrum Oil & Gas defaulted on its bonds in June 2026. After completing the sale, the Nostrum group intends to begin a full and orderly wind-down of operations.

Fincraft Group's Energy Push

Fincraft Group earlier increased its stake in Tethys Petroleum Limited. The group also considered acquiring JSC Caspian Oil. Kenges Rakishev is expanding his presence in Kazakhstan's oil and gas sector.