Kazakh Institute of Oil and Gas (KIMG) reported a net loss of 339.1 million tenge for 2025, compared with a profit of 10.6 billion tenge a year earlier. The company is solely owned by prominent Kazakh businessman Sergey Kan, according to infohub.kz.
Revenue fell to 4.2 billion tenge from 6.6 billion tenge in 2024, mainly due to a sharp drop in income from providing personnel for the Tengiz expansion project. In 2025, this line brought in only 538.1 million tenge versus 2.6 billion tenge the previous year. Revenue from design services declined to 2.3 billion tenge from 3 billion tenge, while revenue from research and development (R&D) rose to 1.4 billion tenge from 1 billion tenge. Retained earnings at year-end stood at 27 billion tenge.
In 2011, KIMG signed a personnel supply contract with KPJV Limited for the Tengiz Future Growth Project. In 2025, Tengizchevroil (a subsidiary of US Chevron), the operator of Tengiz, announced the completion of the project, which will increase production from 32 to 40 million tons of oil per year. The completion of the large-scale project led to a sharp reduction in demand for labor.
KIMG also underwent several corporate changes. On March 28, 2025, it sold its 50% stake in Dalа Service to private company H2Energy Limited for 15.368 billion tenge with a three-year installment plan. At year-end, the debt under the deal stood at 13.4 billion tenge. Additionally, H2Technologies (affiliated with KIMG) holds 40.8% in Mineral Products International, which is building a ferroalloy plant in Ekibastuz. Initially planned for launch in 2026, the plant's commissioning has been postponed to December 2027. In December 2025, Chevron Direct Investment Fund Ltd. acquired a 32% stake in Mineral Products International for 12.2 billion tenge. The project is being implemented jointly with South Korea's SAC Co Ltd.
On February 3, 2026, KIMG decided to acquire a 48% stake in KSV Services for 163 million tenge. Sergey Kan, the sole shareholder of KIMG, ranks 23rd on Forbes' list of richest Kazakhs with a fortune of $450 million.