Kazakhstani oil subsidiary of Netherlands-registered firm reports net income drop
Maten Petroleum, an oil-producing company, reported that its net income in 2024 decreased to 12.1 billion tenge (approximately $23.6 million). This marks a 3.1-fold decrease, as the figure stood at 38 billion tenge ($74.2 million) in 2023. Notably, this is the second consecutive year the oil producer has seen a drop in net income, as Maten Petroleum earned 43.05 billion tenge ($84.1 million) in 2022.
The company’s revenue stood at 127.37 billion tenge ($248.6 million) in 2024, down from 162.52 billion tenge ($317.2 million) in 2023. Meanwhile, Maten’s general and administrative expenses in 2024 reached 17.5 billion tenge ($34.2 million), slightly up from 17.4 billion tenge ($33.9 million) in 2023. The company’s retained earnings in 2024 totaled 142.3 billion tenge ($278 million).
As of late 2024, 98.974% of Maten Petroleum’s shares were owned by Sino-Science Netherlands Energy Group B.V., while Bakharidin Ablazimov controlled the remaining 1.026%. He ranks 36th among the richest Kazakhstanis, according to Forbes Kazakhstan, with a fortune of $295 million. In turn, Maten Petroleum has two subsidiaries: KoZhaN and Priority Oil & Gas.
The ultimate beneficial owner of Maten Petroleum is Hui Ling, while Jincheng Liu serves as its CEO. The company holds a hydrocarbon production contract for the Kara-Arna field, a hydrocarbon exploration and production contract for the Kokarna field and a development contract for the Matin oil and gas field. All of these fields are located in the Atyrau region.
As of April 1, 2014, the major shareholders of Maten Petroleum were Dinmukhamet Idrisov, who held a 52% stake (ranked 18th among the richest Kazakhstanis with a net worth of $563 million); Bakharidin Ablazimov, who controlled 30%; and Yerzhan Dostybayev, who owned 18% (ranked 46th among the richest Kazakhstanis with a wealth of $130 million in 2022). In 2014, all three sold 95% of their shares to Sino-Science Netherlands Energy Group B.V. By the end of the year, only Ablazimov retained a 5% stake in Maten Petroleum, which he later reduced further.
