Ondasyn Urazalin, ex-governor of the Aktobe region, has been appointed to the board of directors of KMK Munai, an oil company operating exclusively within the region and part of the China National Petroleum Corporation (CNPC).
According to KMK Munai, the decision on the appointment of Urazalin was made by the company’s general meeting, which also voted to suspend Yessimkhan Kurmangazin from the board.
The new board consists of Li Shufeng, Zhang Baorui, Wang Jinbao, Yue Zhirong, Chen Kang, Yang Yongfeng, Sun Lei, Mansiya Babasheva and Ondasyn Urazalin.
Urazalin served as governor of the Aktobe region from 2019 to 2022. Previously, he held the position of deputy head of the president’s office for three years and had worked within government structures.
In March, KMK Munai announced plans to drill two horizontal wells at the Mortuk post-salt field, which has been developed since 2001.
In 2023, the enterprise produced 380,100 tons of oil — 14,590 tons less (-3.7%) than in 2022. KMK Munai is connected to the Kenkiyak-Kumkol pipeline, which allows the company to deliver its oil to refineries in Shymkent and Pavlodar and export to China. The company also has access to the Russian Transneft pipeline and the joint-ventured Caspian Pipeline Consortium, both of which enable the transport of oil to Russian marine ports on the Black and Baltic Seas.
In early 2021, employees of KMK Munai went on strike, demanding that their wages be doubled. The company’s CEO proposed a 20% wage increase, but the offer did not satisfy the strikers. The strike lasted a week before the management board agreed to raise the minimum monthly wage from approximately $262 to $385.
KMK Munai’s total assets stood at roughly $189 million in 2023, up from $179 million in 2022. The company made a profit of around $12.7 million in 2023, down from $13 million in 2022. Its net surplus in 2023 increased to $75.5 million, up from $62.8 million in 2022. KMK Munai is authorized for subsoil use at the Kokzhide, Kumsai and Mortuk fields.
CNPC Aktobemunaigas, a company within the structure of China’s state-owned CNPC, holds a 50% stake in KMK Munai with one common share. The remaining equity stake is owned by Yukon Energy Holding S.A., a wholly owned subsidiary of the Chinese company Xingjiang Zhongxin Resources Co. Ltd. CNPC Aktobemunaigas took over KMK Munai in 2013 after Kazakhstan declined to exercise its priority right to acquire 50% plus one share in the company.
