Kazakhstan exits Bogatyr Komir as Qatari Primet LLC takes 65% stake

September 17, 2026 at 09:00 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan's Samruk-Energo is exiting Bogatyr Komir, transferring its remaining 35% stake to Qatari-registered Primet LLC by the end of 2026. The deal will make Primet LLC the 65% owner of Kazakhstan's largest coal asset, with Rusal retaining 35%. Neither side has disclosed the ultimate owners of Primet LLC.

Key Facts

Samruk-Energo and Rusal each held 50% of Bogatyr Komir through Cyprus-registered Forum Muider, which re-domiciled to the Astana International Financial Centre in 2025.
In 2025, Forum Muider issued 7,779 new shares to Primet LLC, reducing Samruk-Energo and Rusal to 35% each and giving the Qatari company 30%.
A sale agreement signed on 30 December 2025 commits Samruk-Energo to exit fully during 2026, transferring its remaining 35% to Primet LLC.
Primet LLC was registered in the Qatar Financial Centre in July 2025 with a charter capital of $10,000 and two founders: Joseph Nazih Karam and Prime Mining and Energy.
Kazakhstan's Ministry of Energy issued a permit to Primet LLC on 13 January 2026 to purchase ordinary shares in Forum Muider.

Ownership Restructuring

Bogatyr Komir was owned on a parity basis by Samruk-Energo and Rusal through the Cyprus-registered joint venture Forum Muider. Forum Muider re-domiciled to the Astana International Financial Centre in 2025, though Cyprus has not officially removed it from its registry. In 2025, Forum Muider issued 7,779 new shares to Primet LLC, cutting Samruk-Energo and Rusal from 50% to 35% each and giving Primet LLC 30%. A purchase agreement signed on 30 December 2025 provides for Samruk-Energo to exit completely during 2026, transferring its remaining 35% to the Qatari investor. Primet LLC will thus hold 65% of Bogatyr Komir, with Rusal retaining 35%.

Opaque Beneficial Ownership

Primet LLC was registered in the Qatar Financial Centre in July 2025 with a charter capital of $10,000. Its two founders are Joseph Nazih Karam and Prime Mining and Energy, the latter based in a UAE free economic zone. Forbes Middle East could not find reliable information on Prime Mining and Energy, noting that UAE free zones generally do not publicly disclose ultimate beneficial owners of private companies. Bogatyr Komir told Forbes Kazakhstan that questions about ultimate owners fall within the competence of shareholders, while the Ministry of Energy cited personal data law in declining to identify the owners behind Primet LLC.