The UK-registered company Nostrum Oil & Gas will sell its oil and gas assets in Kazakhstan to Altaris Holding, a company associated with Kazakhstani tycoon Kenes Rakishev. Oil and gas industry analyst Nurlan Zhumagulov believes that for Rakishev, the value of Nostrum Oil & Gas’s assets may lie not only in the fields but also in the company’s gas processing capacity.
According to him, Nostrum’s key asset in Kazakhstan is a gas processing plant with a capacity of 4.2 billion cubic meters of gas per year. The plant currently remains significantly underutilized.
«In my opinion, the strategic value of the deal lies not only in the reserves of the Chinarevskoye field and the Stepnoy Leopard project. The main asset is located on the surface – the gas processing plant with a capacity of 4.2 billion cubic meters per year, which currently remains significantly underutilized,» Zhumagulov emphasized.
Alternative to the Orenburg Gas Processing Plant
Nostrum’s gas processing capacity is becoming increasingly important amid problems with processing Karachaganak gas. Kazakhstan remains dependent on Russian infrastructure, as raw gas from Karachaganak is processed in Orenburg, Russia.
According to Zhumagulov, Teniz Capital analysts previously considered the possibility of partially processing Karachaganak gas at Nostrum’s facilities. In the future, KPO, Nostrum and QazaqGaz could determine an economically and technically feasible volume of gas for such a backup route.
However, quickly rerouting gas from Karachaganak to Nostrum’s facility is impossible, because it contains high levels of hydrogen sulfide and other impurities.
«Preliminary preparation of raw gas, construction of connecting infrastructure and equipment modernization will be required. Therefore, we are not talking about an immediate replacement of the Orenburg Gas Processing Plant, but about creating an additional, backup route,» the expert explained.
Why the gas processing plant could become a strategic asset
According to Zhumagulov, even partial processing of raw materials from Karachaganak within Kazakhstan could increase the plant’s value.
Such a project would quickly become strategically important if it helps maintain production of at least some marketable gas and avoid a sharp reduction in liquid hydrocarbon production at Karachaganak once the Orenburg Gas Processing Plant is shut down, the analyst believes.
«In other words, Rakishev is essentially acquiring more than just oil and gas assets. He is acquiring one of the largest underutilized gas processing plants in Kazakhstan, the importance of which will only increase amid gas shortages and Karachaganak’s dependence on Russian infrastructure,» Zhumagulov underlined.
The expert also pointed out that the significance of the gas factor will continue to increase for Karachaganak. He said that only two of the three raw gas pipelines are currently operational in Orenburg. As a result, Kazakhstan is receiving less marketable gas and is forced to increase its imports from Russia.
The Rozhkovskoye field, which, according to Zhumagulov, plans to increase the volume of gas sent for processing to 1 billion cubic meters per year, could potentially place additional strain on regional infrastructure.
Rakishev ranks 27th in the Forbes ranking of Kazakhstan’s richest businessmen. His net worth is estimated at $402 million, down $33 million from the 2025 ranking.
The deal with Nostrum involves two companies holding rights to oil and gas assets in the West Kazakhstan region. Zhaikmunai LLP holds the rights to develop the Chinarevskoye field. Pozitiv Invest LLC owns the rights to the Kamenskoye and Kamensko-Teplovsko-Tokarevskoye fields.
Both stakes will be purchased by Altaris Holding, controlled by Fincraft Energy Holding Limited and Alturion Holding Limited.
Fincraft Energy Holding Limited is part of Rakishev’s Fincraft Group. Alturion Holding Limited, in turn, is a shareholder of ALTURION FZCO, registered in the UAE.
The transaction was prompted by Nostrum’s debt burden. The group’s bonds were due for redemption on June 30, but the company failed to fully meet its obligations to creditors.
The transaction price is $304.6 million. The final amount will be adjusted for net debt, working capital and cash.
