BAKU, Azerbaijan, September 30. Kazakhstan’s national oil and gas company KazMunayGas (KMG) has divested its stake in Phystech II JSC, according to KMG.
The change in KMG’s list of organizations in which it holds 10% or more of the shares took effect on September 25, 2026, according to corporate disclosures on the Astana International Exchange (AIX) on September 29. The transaction amount was not disclosed.
Phystech II JSC is a Kazakh oil and gas company established in 2015 and specializing in hydrocarbon exploration and production. The company holds the right to produce oil at the North Karazhanba field in Kazakhstan’s Mangystau Region.
In June 2026, KMG acquired Phystech II, which had previously been owned by businessman Kairat Boranbayev.
Earlier, KMG announced plans to consolidate 100% of the shares in KMG Kashagan B.V., which holds a 16.877% stake in the North Caspian Operating Company (NCOC) consortium operating the Kashagan oilfield.
KazMunayGas is Kazakhstan’s leading vertically integrated oil and gas company, with operations covering the entire production cycle, from hydrocarbon exploration and production to transportation, refining and specialized services. Established in 2002, KMG represents Kazakhstan’s interests in the country’s oil and gas industry.
In the first half of 2026, KMG produced 12.437 million tons of oil and gas condensate, compared with 13.043 million tons in the same period of 2025. The company’s oil transportation volumes increased by 4.0% year-on-year to 43.280 million tons.
The volume of hydrocarbon feedstock processed at KMG’s refineries in Kazakhstan and Romania amounted to 10.215 million tons, compared with 10.375 million tons in the first half of 2025.
