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KMG and CITIC Group: Strategic Partnership Reaches New Level

31.07.2026

During a working visit to Beijing (China), Chairman of the Management Board of KazMunayGas NC JSC Askhat Khassenov held a meeting with Chairman of the Board of Directors of CITIC Group Corporation Xi Guohua.

In particular, during the meeting, the parties discussed the operations of the joint production venture Karazhanbasmunai (KBM) in the Mangistau region. During H1, the company produced 1.018 MMt of oil.

One of the key priorities for KBM remains the resource base replenishment. It should be noted that the Coastal Zone is currently actively developing, which has already proven its effectiveness and has given new impetus to the further development of the field. 8 appraisal and 12 production wells have been drilled at the site. The project implementation made it possible to increase in-place reserves to 12 MMt, and recoverable reserves to 3 MMt. The initially approved drilling plan in the Coastal Zone included 25 wells. However, given the successful results of the work, the quantity was increased to 48 units The expected additional oil production is 50 Kt with a target of 21 Kt.

Another significant outcome of the strategic partnership between KMG and CITIC was the large-scale upgrade of the CASPI BITUM plant in Aktau. The plant's oil refining capacity has reached 1.5 MMtpa, while the of road bitumen production is 750 KTPA. Today, the renovated plant consistently supplies the market with high-quality domestic bitumen, meeting domestic demand — a factor of particular importance amid the growing number of infrastructure projects across the country.

“Further implementation of joint initiatives with CITIC Group will significantly improve the efficiency of existing assets and will be an important step in strengthening the strategic partnership between our companies,” emphasized KMG's Head.


JSC NC KazMunayGas

During a working visit to Beijing (China), Chairman of the Management Board of KazMunayGas NC JSC Askhat Khassenov held a meeting with Chairman of the Board of Directors of CITIC Group Corporation Xi Guohua.

In particular, during the meeting, the parties discussed the operations of the joint production venture Karazhanbasmunai (KBM) in the Mangistau region. During H1, the company produced 1.018 MMt of oil.

One of the key priorities for KBM remains the resource base replenishment. It should be noted that the Coastal Zone is currently actively developing, which has already proven its effectiveness and has given new impetus to the further development of the field. 8 appraisal and 12 production wells have been drilled at the site. The project implementation made it possible to increase in-place reserves to 12 MMt, and recoverable reserves to 3 MMt. The initially approved drilling plan in the Coastal Zone included 25 wells. However, given the successful results of the work, the quantity was increased to 48 units The expected additional oil production is 50 Kt with a target of 21 Kt.

Another significant outcome of the strategic partnership between KMG and CITIC was the large-scale upgrade of the CASPI BITUM plant in Aktau. The plant's oil refining capacity has reached 1.5 MMtpa, while the of road bitumen production is 750 KTPA. Today, the renovated plant consistently supplies the market with high-quality domestic bitumen, meeting domestic demand — a factor of particular importance amid the growing number of infrastructure projects across the country.

“Further implementation of joint initiatives with CITIC Group will significantly improve the efficiency of existing assets and will be an important step in strengthening the strategic partnership between our companies,” emphasized KMG's Head.


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