KMG sells 50% of Karaton Operating Ltd shares to Tatneft

JSC NC KazMunayGas and PJSC Tatneft agreed to set up a joint venture to carry out geological exploration on the Karaton Podsolevoy subsurface site in Atyrau region, Kazinform News Agency learned from the press service of KMG.

On February 21, Chairman of KMG Management Board Magzum Mirzagaliyev and Director General of PJSC Tatneft Nail Maganov signed a purchase and sale agreement, shareholders' agreement and a financing agreement on the Karaton Podsolevoy project.

As part of the purchase and sale agreement, KMG sells 50% of the shares of Karaton Operating Ltd (operator of the Karaton Podsolevoy project) to PJSC Tatneft. Karaton Podsolevoy subsurface site is located in Atyrau and Mangistau regions, next to the fields of JSC Embamunaigas.

In June 2023, KazMunayGas won a contract for the exploration and extraction of hydrocarbons on the Karaton Podsolevoy field. In September 2023, Karaton Operating Ltd was registered on the territory of the Astana International Financial Center for the project’s implementation. In November of the same year, KMG transferred its subsurface rights to Karaton Operating Ltd.