A company linked to prominent Kazakh businessman Kenes Rakishev is acquiring oil and gas assets in the West Kazakhstan region. The deal is valued at $304.6 million, reports infohub.kz.
A subsidiary of British Nostrum Oil & Gas has signed an agreement to sell its stakes in Zhaiykmunai LLP and Positive Invest LLP. The buyer is Altaris Holding Ltd., whose founders include Fincraft Energy Holding Limited, part of Kenes Rakishev's Fincraft Group.
The final price will be adjusted for net debt, working capital, and cash.
The deal covers two companies holding rights to oil and gas assets in the West Kazakhstan region. Zhaiykmunai LLP holds rights to develop the Chinarevskoye field, while Positive Invest LLP holds rights to the Kamenskoye and Kamensko-Teplovsko-Tokarevskoye blocks.
Altaris Holding Ltd., founded by Fincraft Energy Holding Limited and Alturion Holding Limited, will acquire both stakes. Fincraft Energy Holding Limited is part of Kenes Rakishev's Fincraft Group, while Alturion Holding Limited's shareholder is ALTURION FZCO, registered in the UAE.
The sale is driven by Nostrum's debt burden. The group's bonds were due on June 30, 2026, but the company failed to fully meet its obligations to creditors. After the sale of Kazakh assets, Nostrum expects to fully repay secured bonds and partially settle unsecured ones. Holders of unsecured bonds are expected to receive about $150 million in the first stage.
Following the deal, Nostrum plans to begin an orderly wind-down of the entire group. The company also warns that after settling with creditors, there will likely be no significant funds left for shareholders.
The $304.6 million from the asset sale should primarily go toward repaying Nostrum's obligations.
The sale has not yet been completed. Closing requires several conditions, including approvals from Kazakh regulators, the Ministry of Energy, QazaqGaz, and some bondholders. Another condition is confirmation of financing from the buyer. The base deadline for meeting these conditions is September 15, 2026, with a possible automatic extension of two months.
Kenes Rakishev ranks 27th in Forbes' ranking of Kazakhstan's richest businessmen. His fortune is estimated at $402 million, $33 million less than in the 2025 ranking. Earlier, Kursiv reported that a company owned by Kenes Rakishev would pay nearly 400 million tenge in dividends.