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KazMunayGas and Samruk-Kazyna signed share management agreement with respect to 100% of KazTransGas common shares

15.03.2021

On 11 March 2021, JSC NC “KazMunayGas" (KMG) and the Sovereign Wealth Fund Samruk-Kazyna JSC (the Fund) entered into a share management agreement (SMA or the Agreement) with respect to 100% common shares of JSC “KazTransGas” (KTG).

The SMA will enable the Fund to be more actively involved in managing KTG to provide support on strategic issues related to its development like improving the gas pricing regulation in the domestic market, modernizing and expanding the gas pipeline system, and further gasification of the country’s regions.

According to the Agreement, KMG will retain full control over KTG and will remain its beneficiary owner. KMG will continue fully consolidating KTG under IFRS. The Agreement does not imply the sale or disposal of KTG shares, is in compliance with all covenants in Eurobonds and other international obligations of KMG and KTG, and does not require consent from their respective creditors. The SMA and its provisions are accommodative to the current international credit ratings of KMG and KTG.

Maintaining investment grade credit ratings for KMG and KTG and meeting the interests of their international investors, including the holders of KMG and KTG Eurobonds, are important strategic priorities for KMG.

Earlier in June 2020, the Fund’s Management Council publicly announced that its Chairman, First President of Kazakhstan Mr. Nursultan Nazarbayev, asked the Government of Kazakhstan, the Fund, KMG and KTG for studying the possibility of and then adopting a final decision with respect to subordinating KTG directly to under the Fund.

JSC NC KazMunayGas

On 11 March 2021, JSC NC “KazMunayGas" (KMG) and the Sovereign Wealth Fund Samruk-Kazyna JSC (the Fund) entered into a share management agreement (SMA or the Agreement) with respect to 100% common shares of JSC “KazTransGas” (KTG).

The SMA will enable the Fund to be more actively involved in managing KTG to provide support on strategic issues related to its development like improving the gas pricing regulation in the domestic market, modernizing and expanding the gas pipeline system, and further gasification of the country’s regions.

According to the Agreement, KMG will retain full control over KTG and will remain its beneficiary owner. KMG will continue fully consolidating KTG under IFRS. The Agreement does not imply the sale or disposal of KTG shares, is in compliance with all covenants in Eurobonds and other international obligations of KMG and KTG, and does not require consent from their respective creditors. The SMA and its provisions are accommodative to the current international credit ratings of KMG and KTG.

Maintaining investment grade credit ratings for KMG and KTG and meeting the interests of their international investors, including the holders of KMG and KTG Eurobonds, are important strategic priorities for KMG.

Earlier in June 2020, the Fund’s Management Council publicly announced that its Chairman, First President of Kazakhstan Mr. Nursultan Nazarbayev, asked the Government of Kazakhstan, the Fund, KMG and KTG for studying the possibility of and then adopting a final decision with respect to subordinating KTG directly to under the Fund.
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