ABOUT THE COMPANY

GRI 2-1

National Company KazMunayGas JSC is the largest vertically integrated oil and gas company in Kazakhstan, performing a full production cycle – from geological exploration and hydrocarbon production to their transportation, processing, and marketing of petroleum products, as well as the provision of specialized services.

The Company was established on February 20, 2002, in accordance with the Presidential Decree of the Republic of Kazakhstan No. 811 “On Measures for Further Safeguarding State Interests in the Oil and Gas Sector of the Country’s Economy” and the Government Decree No. 248 dated February 25, 2002. KMG became the legal successor of the national oil and gas companies Kazakhoil, Oil and Gas Transportation, and KazMunayGas – Refining and Marketing JSC. The founding entity of KMG is the Government of the Republic of Kazakhstan, represented by the State Property and Privatization Committee of the Ministry of Finance of the Republic of Kazakhstan.

Share Capital Structure

As of December 31, 2024, the shareholders of KMG are:

Group Structure

The KMG Group comprises 105 enterprises in which KMG owns 50 % or more of the voting shares (equity stakes). Of these, 55 companies are located in Kazakhstan, while the remaining assets are situated in Romania, Georgia, Switzerland, the Netherlands, Canada, Bulgaria, Moldova, Russia, Turkey, the United Kingdom, Germany, the UAE, Gibraltar, the British Virgin Islands, the Marshall Islands, the Bahamas, and the Isle of Man.

Changes in the Group Structure

The reduction in the number of legal entities within the Group, including through the liquidation or reorganization of subsidiaries and dependent entities, is being carried out under privatization and divestment programs.

KMG’s Comprehensive Privatization Plan for 2021–2025, approved by the Decree of the Government of the Republic of Kazakhstan, includes:

• 53 companies designated for sale;
• 94 companies included in the perimeter of KMG’s IPO;
• 7 KMG Group companies for which the procedure and conditions for sale and reorganization are defined by the Management Board of Samruk-Kazyna JSC.

On November 13, 2024, the Board of Directors of KMG approved an updated List of Non-Strategic Assets, which provides for the divestment of 7 companies during the period from 2024 to 2025. In accordance with this list, the following actions were taken in 2024:

• 2 companies were liquidated: Snow Leopard International Inc., and KMG-Ustyurt LLP;
• Equity stakes were sold in 2 companies: Karaton Operating Ltd., and Silleno LLP.

In addition, in 2024, the following companies were either divested or established, although they are not included in the list of companies in which 50 % or more of the voting shares (equity interest) are directly or indirectly owned by KMG:

• 3 companies were liquidated: AktauOilMash LLP, Caspi Meruerty Operating Company B.V., and BIO ADVANCED ENERGY SAS;
• 2 companies were established: Mangistau Power B.V. and Mangistau Renewables B.V.

HEADQUARTERS

The Company’s head office is located in Astana, and there is also a representative office of KMG in Aktau.