KMK Munai, an oil company owned by Chinese CNPC, CITIC Group and Suntime Group, is set to deliver 200,000 tons of oil to China, 200,000 tons to European countries and 250,000 tons to Kazakhstan’s market in 2026. This decision has been made by the company’s shareholders at their annual general meeting.
In particular, the shareholders voted to enter into major oil sales deals with Singapore-registered Petrochina International (Singapore) PTE. LTD. and Euro-Asian Oil PTE. LTD., to supply oil to China and Europe, respectively. Both agreements specify a delivery volume of 200,000 tons at a preliminary price of $100 per barrel and terms ranging from Jan. 1 to Dec. 31, 2026. However, for the Chinese contract, a $5.33-per-barrel discount applies, whereas for the European one, the discount stands at $20 per barrel. Moreover, another major deal is anticipated with KC Energy Group, a KazMunayGas and CNPC joint venture, for 250,000 tons at $300 per ton, with delivery terms between Jan. 1 and Dec. 31, 2026.
The shareholders have also approved the annual financial statement for 2024 and appointed an auditing firm to conduct an audit for 2025, for a fee of approximately $83,000, excluding value-added tax and overhead costs.
They have also voted not to distribute the company’s net profit for 2024 and not to pay dividends on common shares. On top of that, an annual budget of around $118,600 for the board of directors has been approved, including remuneration for its members for 2024.
The oil company reported roughly $6.7 million in net income in 2024, marking a 48.9% year-on-year plummet.
KMK Munai operates the Kokzhide, Kumsai and Mortuk oil fields in Kazakhstan’s Aktobe region. Founded in 2004, the company has undergone multiple changes in ownership and structure. Currently, a controlling stake of 50% plus one share is held by CNPC-Aktobemunaigas, a subsidiary of China’s state-owned CNPC. The remaining shares are owned by Yukon Energy Holding, a Panama-registered company controlled by CITIC Group and Suntime Group.
KMK Munai’s board of directors is chaired by Li Shufeng, a Chinese national, and includes Ondasyn Urazalin, the former governor of the Aktobe region.
