Samruk-Energy to exit Bogatyr Komir, Qatar's Primet to hold 65%

September 24, 2026 at 06:05 PM2 min

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Kazakhstan's state-owned Samruk-Energy is exiting Bogatyr Komir, one of the country's largest coal producers. The remaining 35% stake in Forum Muider Limited, which controls the asset, will transfer to Qatar's Primet LLC, raising its holding to 65%. The deal was signed on December 30, 2025, with closing expected in 2026.

Key Facts

Samruk-Energy signed an agreement on December 30, 2025 to sell its remaining 35% stake in Forum Muider Limited to Qatar's Primet LLC.
After the deal closes, Primet LLC will hold 65% of Forum Muider, which controls Bogatyr Komir.
Bogatyr Komir's balance reserves were estimated at 2.75–3 billion tonnes of coal at the start of 2026.
In 2025, Bogatyr Komir sold about 44.35 million tonnes of coal, with almost 10 million tonnes exported to Russia.
The company accounted for about 38.1% of Kazakhstan's total coal production in 2023 and roughly 62% of the Ekibastuz basin's output.

Deal Structure

Samruk-Energy is preparing to fully exit Bogatyr Komir, one of Kazakhstan's largest coal producers. The remaining 35% stake in Forum Muider Limited, the structure controlling the asset, is to be transferred to Qatar's Primet LLC. The first stage of the transaction took place in September 2025, when Forum Muider issued 7,779 additional shares to Primet LLC. That issue reduced Samruk-Energy's stake from 50% to 35%, left a UC Rusal-linked structure with 35%, and gave the Qatari investor 30%. On December 30, 2025, the parties signed an agreement for the sale of Samruk-Energy's remaining 35%, which would give Primet control of 65% of Forum Muider.

Valuation and Disclosure

Samruk-Energy and its parent fund Samruk-Kazyna have not disclosed the sale price for the remaining stake. Some publications estimate the 35% stake at approximately 75 billion tenge, but this is a third-party calculation rather than an officially announced price. Samruk-Energy's financial statements indicated that the deal's closing is expected within 2026, subject to several preconditions.

Bogatyr Komir Operations

Bogatyr Komir develops the Bogatyr and Severny open-pit mines in the Ekibastuz coal basin. Its balance reserves were estimated at about 2.75–3 billion tonnes of coal at the beginning of 2026. In 2023, the company accounted for about 38.1% of Kazakhstan's total coal production and roughly 62% of the Ekibastuz basin's output. In 2025, Bogatyr Komir sold about 44.35 million tonnes of coal, of which almost 10 million tonnes were exported to Russia. Key consumers include Ekibastuz GRES-1 and GRES-2, as well as thermal power plants in Astana, Almaty, Karaganda, Pavlodar, and other cities.