KazMunayGas to buy KMG Kashagan B.V. in 2.8 trillion tenge internal deal

September 30, 2026 at 10:05 AM2 min

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KazMunayGas announced an internal restructuring to acquire 100% of KMG Kashagan B.V. from its Dutch subsidiary Cooperative KazMunaiGaz U.A. The transaction, disclosed on the Astana International Exchange, is valued at approximately 2.8 trillion tenge, or 14.8% of KMG's total assets. The move comes amid ongoing disputes with the NCOC consortium over the Kashagan field.

Key Facts

KazMunayGas will acquire 100% of KMG Kashagan B.V. from Cooperative KazMunaiGaz U.A., its Netherlands-registered subsidiary.
The deal value is approximately 2.8 trillion tenge, equal to 14.8% of KMG's total assets of 18.97 trillion tenge as of July 1.
KMG Kashagan B.V. holds a 16.87% stake in the NCOC consortium operating the Kashagan field.
Kazakh authorities are pursuing a large environmental fine against NCOC and preparing for international arbitration.
Bloomberg reported that consortium members discussed settling disputes with the government, possibly through an $80 billion project to develop the western part of Kashagan.

Transaction Details

KazMunayGas announced the change in ownership structure for its stake in the Kashagan field development project. According to data published on the Astana International Exchange (AIX), the national company intends to buy back 100% of KMG Kashagan B.V. shares. The seller is its own subsidiary, Cooperative KazMunaiGaz U.A., registered in the Netherlands. The national company has not yet officially disclosed the reasons for the large-scale restructuring.

Financial Scale

The transaction amount is 14.8% of the book value of all KMG assets. As of July 1, the national company's total assets were estimated at nearly 19 trillion tenge (18.97 trillion). The buyback of KMG Kashagan B.V. shares will cost approximately 2.8 trillion tenge.

NCOC Dispute Context

The restructuring takes place amid proceedings with the NCOC consortium, where KMG Kashagan B.V. owns 16.87% of shares. Kazakh authorities are seeking to recover a large environmental fine from NCOC through the courts and are also preparing for international arbitration processes. Bloomberg previously reported that consortium participants were discussing dispute settlement with the government. A possible compromise was named as the implementation of a project to develop the western part of Kashagan worth $80 billion in exchange for withdrawing claims.