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National company "KazMunayGas" is a Kazakhstani operator for exploration, production, processing and transportation of hydrocarbons, representing the interests of the state in the oil and gas industry of Kazakhstan.
The founder of KMG for 2018 is the Government of the Republic of Kazakhstan represented by the Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan. KMG's shareholders are the Samruk- Қazyna National Welfare Fund (90%) and the National Bank of the Republic of Kazakhstan (10% + 1 share).
Aktivs
For 2025, the production subsidiaries of KazMunayGas:
They supply 60 percent of oil to refineries at $12-30 per barrel, although the world price is 60-100. This is done in order to keep gas prices low in Kazakhstan.
KazMunayGas has two groups of assets: its production companies and shares in three giants -
- Tengizchevroil,
- "Kashagan" and
- "Karachaganak."
It is the dividends from these three projects in 2025 that make the company profitable. And its own production barely stays in the black, much less than 10-20 years ago[1].
It turns out that cheap gasoline supports the economy, but weakens the flagships that actually feed the country. After all, roads and schools are being built from the general state "boiler." And the biggest contribution to this boiler is made by the oil and gas sector.
Performance indicators
2024: Revenue growth to $17.75 billion
The national oil and gas company of Kazakhstan "KazMunayGas" completed 2024 with revenue of 8.33 trillion tenge ($17.75 billion), which almost corresponds to the level of 2023, when the figure was 8.32 trillion tenge. This was announced by KazMunayGas when publishing the consolidated financial statements under IFRS in August 2025.
EBITDA amounted to $4.26 billion, down 0.3% from a year ago. The dynamics of the indicator was influenced by both positive factors, including an increase in the average exchange rate of tenge against the dollar from 456.21 to 469.31, and negative ones - an increase in production costs and an increase in wage costs.
The company's free cash flow showed significant growth of 21.8% to $2.56 billion. The improvement in the indicator is associated with an increase in net cash flows from operating activities and a decrease in capital expenditures.
The company's production performance showed moderate growth. Oil and gas condensate production increased by 1.3% to 23.84 million tons. Oil transportation grew 3.9% to 83.48 million tons, reflecting the company's expanded transit capabilities.
The volume of hydrocarbon processing at Kazakh and Romanian oil refineries decreased by 2.2% to 19.16 million tons. The decrease is due to the overhaul at the Petromidia refinery in Romania.
The total debt of KazMunayGas amounted to $7.56 billion at the end of 2024, an increase in teng terms by 5.6% due to changes in the exchange rate. In dollar terms, the debt burden decreased by 8.6% due to active debt management measures.
In September 2024, KazMunayGas made a partial early repayment of bonds in the amount of $750 million with a maturity of 2027. The savings in coupon payments as a result of early repayment amounted to $92.7 million, which positively affected the financial performance of the company.[2]
2022: 26.7% oil production in Kazakhstan
History
2024
TATNEFT bought 50% of Kazakhstan's oil company Karaton for 1.6 billion rubles
In August 2024, it became known that the Russian company TATNEFT acquired a 50% stake in the Kazakh oil company Karaton Operating for ₽1,6 billion. This deal was the result of an agreement between Tatneft and the Kazakh national holding KazMunayGas, as a result of which the Kazakh side lost control of Karaton. Read more here
Lukoil bought 50% of Kalamkas-Khazar Operating
Lukoil paid $200 million for a 50 percent stake in Kalamkas-Khazar Operating LLP (KCO), a subsidiary of the Kazakh oil and gas company KazMunayGas (KMG). This is stated in the financial report of KMG, published in early April 2024. Read more here.
2018: The group includes more than 190 organizations
As of July 2018, the KazMunayGas group of companies, founded in 2002, includes more than 190 organizations.
Notes
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