JSC National Company

What JSC National Company does

JSC National Company KazMunayGas (KMG) is Kazakhstan's vertically integrated national oil and gas operator, controlling the country's full hydrocarbon value chain from exploration and production through transportation, refining, and petrochemicals. The company produced 26.2 million tonnes of oil and condensate and 11.45 billion m³ of gas in 2025, with interests in three world-class megaprojects — Tengiz (20%), Kashagan (16.88%), and Karachaganak (10%) — alongside wholly-owned domestic fields operated through subsidiaries such as Ozenmunaigas and Embamunaigas. Proven and probable reserves stand at 724 million tonnes of oil equivalent, audited by DeGolyer & MacNaughton.

KMG's midstream operations transport 83.3 million tonnes of oil annually through a diversified infrastructure network: KazTransOil (90% owned), Kazakhstan-China Pipeline (50%), MunaiTas (51%), Caspian Pipeline Consortium (20.75%), and marine transportation via Kazmortransflot, with export routes spanning Black Sea, Mediterranean, and Chinese markets. The downstream segment operates three Kazakh refineries (Atyrau, Pavlodar, Shymkent) plus Romanian assets (Petromidia, Vega) through KMG International (Rompetrol), with combined 2025 refining volumes of 20.98 million tonnes. Petrochemical operations include the operational Kazakhstan Petrochemical Industries (KPI) polypropylene plant at 500,000 tonnes/year capacity and the under-construction Silleno polyethylene complex targeting 1.25 million tonnes per year by 2029. KMG also maintains a 295-station retail fuel network in Romania (16% market share) and operates in Bulgaria, Georgia, and Moldova.

The company is majority-owned by the Samruk-Kazyna sovereign wealth fund, with shares listed on KASE (KMGZ) and AIX (KMG) since December 2022. KMG serves enterprise customers including IOC joint venture partners (Chevron, ExxonMobil, Shell, TotalEnergies, Eni, CNPC, BP), domestic industrial and retail consumers, and international commodity markets. Revenue reached 9.3 trillion tenge (~$21 billion) in 2025, up 12.5% despite falling global hydrocarbon prices, supported by currency translation and 10% production growth. The ABAI information system houses an in-progress digital transformation program featuring AI-powered digital twins for field optimization, and KMG has achieved investment-grade credit ratings from Moody's (Baa1), S&P (BBB-), and Fitch (BBB) in 2024-2025.

Name

JSC National Company

Legal name

JSC National Company KazMunayGas (АО «Национальная компания «КазМунайГаз» АҚ)

Website

https://kmg.kz

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

Integrated Oil and Gas Operations

NAICS

Oil and Gas Extraction (2111), Pipeline Transportation of Crude Oil (486110), Pipeline Transportation of Refined Petroleum Products (48691), Pipeline Transportation of Natural Gas (4862)

SIC

Pipe Lines (No Natural Gas) (4610), Natural Gas Transmission (4922)

akta.pro primary industry

NGL (Natural Gas Liquids) Pipeline Transportation (EUALADAC)

akta.pro secondary industries

NGL/LPG Trunkline / Transmission Pipelines (Interstate/Long-Haul) (TLAGAEAI), NGL/LPG Pipeline Pump/Compressor & Metering Stations Operations (TLAGAEAL)

Keywords

• Oil and gas exploration
• Hydrocarbon transportation
• Oil refining services
• Petrochemical production
• Crude oil extraction

Headquarters

HQ city

Astana

HQ country

Kazakhstan

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Oil and Gas Production: KazMunayGas produces crude oil, gas condensate, and natural gas through its operating assets and joint ventures including Tengiz, Kashagan, Karachaganak, and other fields. Production volume for 2025 reached 26,211 thousand tonnes of oil and condensate (544 kbopd) and 11,450 mln m3 of gas.
2. Oil Transportation: Pipeline and marine transportation of crude oil through subsidiaries including KazTransOil (90% ownership), Kazakhstan-China Pipeline (50%), MunaiTas (51%), Caspian Pipeline Consortium (20.75%), and marine transport via Kazmortransflot.
3. Oil Refining and Petrochemicals: Refining at Kazakh refineries (Atyrau, Pavlodar, Shymkent) and international assets in Romania (Petromidia, Vega). Total refining volume in 2025 was 20,980 thousand tonnes. Petrochemical production includes polypropylene from Kazakhstan Petrochemical Industries Inc. (KPI) plant with 500,000 tonnes/year capacity.
4. Eurobond Issuance: Capital raising through international bond markets. In 2025, issued 1.25 billion yuan (CNY) eurobonds with coupon rate of 2.950% and yield of 3.150%, representing first entry into Chinese yuan capital markets.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

JSC National Company KazMunayGas (KMG) is Kazakhstan's national vertically integrated oil and gas operator that explores, produces, transports, refines, and markets hydrocarbons and petrochemical products. The company manages upstream interests in the giant Tengiz, Kashagan, and Karachaganak fields alongside wholly-owned domestic fields, operates extensive trunk pipeline and marine transportation networks, runs three Kazakh refineries plus two Romanian refineries, and produces polypropylene and polyethylene through its petrochemical subsidiaries.

Product overview

JSC National Company KazMunayGas (KMG) is Kazakhstan's national vertically integrated oil and gas company operating across the full hydrocarbon value chain from exploration and production to transportation, refining, petrochemicals, and specialized oil services. Its upstream assets include interests in the giant Tengiz (20%), Kashagan (16.88%), and Karachaganak (10%) fields plus wholly-owned domestic fields (Ozenmunaigas, Embamunaigas, Mangistaumunaigas), producing approximately 26.2 million tonnes of oil equivalent in 2025. Midstream operations encompass trunk pipelines (KazTransOil, Kazakhstan-China Pipeline, MunaiTas, CPC) and sea transportation totaling 83.3 million tonnes of oil transported in 2025. Downstream, KMG operates three Kazakh refineries (Atyrau, Pavlodar, Shymkent) and two Romanian refineries (Petromidia, Vega) through its KMG International (Rompetrol) subsidiary, with combined refining volumes of 20.98 million tonnes in 2025. The petrochemical portfolio includes the operational Kazakhstan Petrochemical Industries (KPI) polypropylene plant (500,000 t/year) in Atyrau and the under-construction Silleno polyethylene complex (1.25 million t/year target, 2029). The ABAI information system provides AI-powered digital twins across upstream assets.

Differentiator

Problem solved

Functional benefit

Brands

• KMG International: International segment of KMG including Petromidia and Vega refineries in Romania, 295 gas stations and 918 sales points across Europe including Bulgaria, Georgia, and Moldova
• Caspi Bitum
• Satti

Products and services

• Oil and Gas Exploration and Production Upstream exploration and production of crude oil, gas condensate, and natural gas across Kazakhstan's major fields and wholly-owned domestic subsidiaries, sold to domestic refineries and international export markets.
• Oil Transportation (Midstream Pipeline and Marine Services) Midstream crude oil transportation services via trunk pipelines and maritime fleet, moving Kazakh crude to domestic refineries and export terminals for international buyers.
• Oil Refining (Kazakhstan and Romania) Refining of crude oil into gasoline, diesel, jet fuel, and other petroleum products at Atyrau, Pavlodar, Shymkent, Petromidia, and Vega refineries, supplying domestic and European markets.
• Kazakhstan Petrochemical Industries (KPI) Polypropylene Plant Integrated gas-chemical complex in Atyrau producing polypropylene at 500,000 tonnes/year capacity, serving packaging, medicine, automotive, and construction industries.
• Silleno Polyethylene Complex Polyethylene production complex under construction in Atyrau by Silleno LLP (40% KMG), targeting 1.25 million tonnes/year capacity by 2029.
• KMG International Retail Fuel Network (Rompetrol) Downstream retail fuel distribution network through KMG International subsidiary, operating Rompetrol-branded stations across Romania, Bulgaria, Georgia, and Moldova.
• Sustainable Aviation and Automotive Fuel Plant Green fuels production facility producing sustainable aviation fuel (SAF) and automotive biofuels, with 50,000 tonnes/year capacity, serving aviation and transportation sectors.
• Mirny Wind Power and Battery Storage Project Renewable energy project comprising a 1 GW wind farm with 150 turbines and 600 MWh battery storage, expected to generate 100 TWh over 25 years.
• Satti Floating Drilling Rig Services Offshore drilling services using the Satti self-elevating jack-up rig, capable of drilling wells deeper than 6 km for Caspian offshore exploration.
• KMG Systems & Services Ecological and Safety Services Specialist ecological, safety, and oil spill response services including underwater noise measurement, vessel-based environmental assessment, and workforce training.

Quantifiable outcome

• Oil production increased 10.0% to 26.2 million tonnes in 2025
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability2 records

Feature3 records

Partnerships

16 partnerships are on record, tiered flagship, core, strategic and minor.

• World Economic Forum (WEF)flagshipStrategic or Co-development Partner · 22 June 2026KazMunayGas met with World Economic Forum representatives in Astana to discuss prospects for strengthening multilateral cooperation. Both sides expressed readiness to expand cooperation across key areas, with KMG noting interest in building stable ties with global institutions amid current global market developments.
• Kazakhstan Temir Zholy (KTZ)coreTechnology or Integration · 22 June 2026KMG and KTZ established end-to-end digital control over petroleum product logistics across Kazakhstan, integrating KMG Dispatch and Analytical Center with KTZ data systems. The system enables hourly tracking of petroleum product movements and volumes including imported rail shipments with visual monitoring for each rail tank car.
• German Government / CompaniesstrategicStrategic or Co-development Partner · 16 June 2026Kazakhstan and Germany discussed energy cooperation focusing on oil exports to Germany via Druzhba pipeline (2.1 million tons in 2025, target 2.5 million tons in 2026). Discussed green hydrogen projects including Hyrasia One. German company Koch Solutions expressed interest in supplying technology and equipment to Kazakhstan's coal enterprises.
• TotalEnergiescoreStrategic or Co-development Partner · 27 April 2026TotalEnergies FID on $1.2 billion Mirny onshore wind and Battery Energy Storage System project in Kazakhstan. TotalEnergies holds 60% stake, Kazakh state-owned companies KazMunayGas and Samruk Energy each hold 20%. Project will have 1 GW wind farm with 150 turbines and 600 MWh battery storage, expected to generate 100 TWh over 25 years.
• BPcoreStrategic or Co-development Partner · 17 April 2026Kazakhstan's Senate ratified cooperation agreement with UK including Shell signing new exploration contract in Aktobe Region. KMG partnered with BP for geological exploration in Mangystau Region, marking continued foreign energy investment.
• China Oilfield Services Limited (COSL)strategicTechnology or Integration · 15 April 2026KMG and COSL signed cooperation agreement in Astana covering drilling services, well maintenance, advanced oilfield technologies, and workforce development. Partnership includes training Kazakh specialists at COSL facilities in China and aims to increase local content while strengthening Kazakhstan's self-sufficiency in its energy industry.
• BP (new hydrocarbon discovery)coreStrategic or Co-development Partner · 6 April 2026Major hydrocarbon field discovered on Zhylyoi Platform near Caspian Sea coast in Atyrau Region with reserves potentially comparable to Kashagan. BP entered Kazakhstan's upstream sector through this discovery.
• Geoenergija Razvoj (Croatia)minorStrategic or Co-development Partner · 6 April 2026Croatia's state company Geoenergija Razvoj will participate in oil exploration and production at Shygys field in Aktobe province. Contract signed for development on parity basis with Geoenergija Razvoj providing full funding.
• Tatneft (Russia/Tatarstan)strategicStrategic or Co-development Partner · 30 March 2026Tatarstan's Tatneft and Kazakhstan's KMG are jointly drilling a deep exploration well in Caspian Basin at depth of 5,500 meters. Cooperation represents ongoing energy sector collaboration in Caspian region.
• SOCAR (State Oil Company of Azerbaijan)coreStrategic or Co-development Partner · 17 March 2026SOCAR and KMG reached 4 million tons in cumulative transit volume of Kazakh oil through Azerbaijan. Oil transported via Baku-Tbilisi-Ceyhan (BTC) pipeline to Ceyhan port. 3.8 million tons from Tengiz and 200,000 tons from Kashagan.
• ShellcoreStrategic or Co-development Partner · 5 March 2026Shell and Kazakhstan signed agreement for oil and gas exploration in the Zhanaturmys block in western Kazakhstan covering 1,377 square kilometers with seismic exploration and technical assessment work until 2032. Shell also partnered with KMG for geological exploration in Mangystau Region.
• UzbekneftegazstrategicStrategic or Co-development Partner · 25 February 2026JSC Uzbekneftegaz and KazMunayGas discussed accelerating the joint project for producing linear alkylbenzene (LAB), a key raw material for synthetic detergents. Parties agreed to intensify project work and complete preparation of technical and economic parameters for the venture.
• US Partners (for sustainable aviation fuel)strategicStrategic or Co-development Partner · 18 February 2026Kazakhstan constructing first CIS plant to produce sustainable aviation and automotive fuels in collaboration with KazMunayGas and US partners. Expected output of 50,000 tons annually with $200 million investment.
• Chevron (Tengizchevroil)coreStrategic or Co-development Partner · 3 January 2026Chevron and partners completed $48 billion expansion of Kazakhstan's Tengiz oil field, increasing output to one million barrels per day. Joint venture TCO includes Chevron (50%), ExxonMobil (25%), KMG (20%), Lukoil (5%). Kazakhstan and Chevron began negotiations to extend operating agreement set to expire in 2033.
• Lummus TechnologystrategicTechnology or Integration · 17 October 2025Lummus Technology and KMG agreed to establish a digital center of excellence in Atyrau aimed at advancing digitalization and industrial operations. The center will serve as hub for technology transfer, workforce development, and industrial safety enhancement.
• World Bank (Zero Routine Flaring Initiative)strategicStrategic or Co-development Partner · 31 December 2023In 2015, KMG supported World Bank initiative 'Zero Routine Flaring by 2030'. Company стремится к zero level of gas flaring and reduced emissions. Reporting on flaring volumes submitted annually to World Bank representation in Kazakhstan.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Lukoil: Russia's largest privately held vertically integrated oil company and a JV partner at Tengiz (5%). Comparable on vertically integrated upstream-to-refining operations and Caspian-region exposure.
• Sinopec: China's largest integrated energy and chemical company with extensive refining, petrochemical, and pipeline operations. Comparable to KMG on scale of refining and petrochemicals, though much larger and broader in scope.

Direct peers

• Petronas: Malaysia's national oil company operating a vertically integrated hydrocarbon business with significant IOC partnerships (e.g., Shell). Comparable to KMG in scale, integrated operations, petrochemical expansion, and emerging-market NOC profile.
• CNOOC: China's state-owned upstream-focused oil and gas company with significant international assets. Comparable to KMG on government ownership and participation in Kazakhstan's Kashagan consortium (8.33%).
• ONGC (Oil and Natural Gas Corporation): India's state-owned integrated oil and gas company with upstream production, pipeline transportation, and refining subsidiaries. Comparable to KMG as a publicly listed emerging-market NOC with similar JV-heavy field portfolio.
• Indian Oil Corporation: India's largest downstream and pipeline-focused NOC with significant refining and crude pipeline operations. Comparable to KMG's downstream and midstream scale, including domestic refining depth and pipeline networks.
• Petrobras: Brazil's listed national oil company with integrated upstream, refining, and gas pipeline operations. Comparable to KMG as a publicly traded, government-controlled vertically integrated NOC with deepwater/IOC-JV production.
• SOCAR (State Oil Company of Azerbaijan): Azerbaijan's vertically integrated national oil company and KMG's BTC transit partner. Comparable as a regional Caspian NOC with similar export-route dynamics, refining operations, and IOC consortium experience.
• Saudi Aramco: Saudi Arabia's national oil company and the world's largest vertically integrated NOC. Directly comparable to KMG on sovereign ownership, full E&P-to-petrochemical value chain, large IOC JV involvement, and IPO-era public market profile.
• Ecopetrol: Colombia's vertically integrated state-linked oil company operating across upstream, midstream, refining, and petrochemicals. Comparable to KMG as a listed emerging-market NOC with diversified hydrocarbon value chain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/kmg_kz
• LinkedInlinkedin.com/company/kazmunaygas

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries32 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about JSC National Company