Report of the Strategy and Portfolio Management Committee
In 2025, the Strategy and Portfolio Management Committee held 12 meetings and reviewed 122 matters.
Members as of 31 December 2025:
Arman Argingazin – Chairman of the Committee since June 2024;
Philip Holland – member of the Committee since June 2022;
Uzakbay Karabalin – member of the Committee since August 2017;
Yelzhas Otynshiyev – member of the Committee since July 2023;
Saya Mynsharipova – member of the Committee since August 2023.
Askar Shakirov – member of the Committee since February 2024.
12 meetings
held by the Strategy and Portfolio Management Committee in 2025
Attendance of the Committee’s meetings by its members in 2025
Meeting No. and date
1/2025, 5 Feb 2025
2/2025, 4 Mar 2025
3/2025, 15 Apr 2025
4/2025, 13 May 2025
5/2025, 3 Jun 2025
6/2025, 1 Jul 2025
7/2025, 4 Aug 2025
8/2025, 9 Sep 2025
9/2025, 7 Oct 2025
10/2025, 20 Oct 2025
11/2025, 2 Dec 2025
12/2025, 18 Dec 2025
Participation, %
Committee member
Arman Argingazin
+
+
+
+
+
+
+
+
+
+
+
+
100
Uzakbay Karabalin
+
+
+
+
+
+
+
+
+
+
+
+
100
Philip Holland
+
+
+
+
+
+
+
+
+
+
‑
‑
83
Saya Mynsharipova
+
+
+
+
+
+
+
+
+
+
+
+
100
Askar Shakirov
+
+
+
+
+
+
+
+
+
+
+
+
100
Yelzhas Otynshiyev
‑
‑
‑
‑
‑
‑
‑
‑
‑
‑
‑
‑
0
Key matters reviewed by the Committee in 2025
Development strategy, including priority areas
The 2024 Progress Report on the Development Strategy of KMG for 2022–2031
The 1H 2025 Progress Report on the Development Strategy of KMG for 2022–2031
Review of available extraction technologies in use worldwide and at KMG Group fields, and innovations and improvements in hydrocarbon extraction technologies by KMG Group companies
Current status of the KMG Strategic Financial and Economic Model
Approval of the road map for the implementation of practical solutions in artificial intelligence in the production processes of KMG (covering KMG and 14 subsidiaries and associates), which sets out the action plan for developing and deploying AI technologies aimed at: improving efficiency, safety, and sustainability across the full value chain from exploration and production through to transportation and sales; and achieving effective AI performance in predictive analytics, digital well twins, drilling automation, and emissions management.
Improving investment appeal
Progress in implementing KMG Group’s investment projects in 2024
Review of the report on monitoring and analysis of investment project implementation by KMG and its subsidiaries for 1H 2025
Effective financial and business planning
Review of the 2024 Progress Report on KMG’s Consolidated Development Plan for 2024–2028
Approval of the Consolidated Development Plan (Business Plan) of KMG for 2026–2030
Amendments to the KMG bond issuance terms determined by the resolution of the Board of Directors dated 1 November 2023 (Minutes No. 22/2023, item 9), regarding the partial repurchase (early redemption) of KMG bonds and determination of the partial repurchase (early redemption) price
Determination of the terms of bond issuance and placement; issuance of bonds; approval of the conclusion of a transaction or series of related transactions resulting in the (potential) disposal of property the value of which exceeds the threshold equivalent of 200,000,000 (two hundred million) US dollars
Repurchase (early redemption) of medium‑term Global Notes due in 2047 and 2048, and determination of the repurchase (early redemption) price; conclusion of interested‑party transactions – the Offer to Purchase and the Dealer Manager Agreement
Asset portfolio management
Information on the Kashagan, Karachaganak, Tengizchevroil, and Kalamkas‑Sea–Khazar projects
Progress of building and commissioning petrochemical facilities, including progress on KMG PetroChem projects – Polyethylene, Gas Separation Unit, and Trunkline – and on Kazakhstan Petrochemical Industries Inc.’s integrated gas chemical complex in the Atyrau Region.
Progress of the construction of a new gas processing plant in Zhanaozen
Approval of the Roadmaps to Divest Non‑Strategic Assets
Approval of the List of KMG’s Non‑Strategic Assets to be Divested by Samruk‑Kazyna Group in 2023–2032
Approval of the Bolashak Subsoil Use investment project; conclusion of the contract for the exploration and production of hydrocarbons under a complex project on the Bolashak block (Mangistau Region, partly in Kazakhstan’s part of the Caspian Sea) between the Ministry of Energy of the Republic of Kazakhstan and KMG
Conclusion by KMG of the Joint Venture Agreement and a Financing Agreement with CNOOC Hong Kong Holding Limited for the Zhylyoi project; KMG’s participation in the incorporation of Zhylyoi Operating LLP; conclusion of the contract for the exploration and production of hydrocarbons under a complex project on the Zhylyoi block (in Kazakhstan’s part of the Caspian Sea) between the Ministry of Energy of the Republic of Kazakhstan, KMG, and CNOOC Hong Kong Holding Limited; and conclusion of the interested‑party transaction – the Agreement of Accession to the Joint Venture Agreement between KMG, CNOOC Hong Kong Holding Limited, and Zhylyoi Operating LLP
Conclusion of the contract for the exploration and production of hydrocarbons under a complex project on the Northern Ozen block (Mangistau Region) between the Ministry of Energy of the Republic of Kazakhstan (Competent Authority) and KMG (Subsoil User)
Approval of the combined “Determination/Implementation” phase of the investment project on ethane and propane trunkline construction in the single right‑of‑way, Atyrau Region, involving investments by KMG and/or entities in which KMG directly or indirectly holds voting stock or equity stakes, where the value of such investments exceeds the threshold equivalent of USD 200,000,000 (two hundred million) denominated in KZT at the exchange rate set in the macroeconomic forecast (baseline scenario) for the relevant period
Approval of the conclusion by KMG PetroChem LLP of the EPC Agreement for the Integrated Gas Chemical Complex Construction (Phase 2 — Gas Separation Unit Construction) project in the Atyrau Region with a consortium comprising Tecnimont S.p.A., Technimont KZ LLP, Consolidated Contractors Company W.L.L., and Consolidated Contractors International Company S.A.L., resulting in the (potential) acquisition of property the value of which exceeds the threshold equivalent of USD 200,000,000 (two hundred million) denominated in KZT at the exchange rate set in the macroeconomic forecast (baseline scenario) for the relevant period
Approval of the conclusion by KMG PetroChem LLP of the EPC Agreement for the project on ethane and propane trunkline construction in the single right-of-way, Atyrau Region, as part of the Integrated Gas Chemical Complex Construction (Phase 2) project in the Atyrau Region with a consortium comprising China Petroleum Pipeline Engineering Co., Ltd., CITIC Construction Co., Ltd., and CHPPI Kazakhstan LLP, resulting in the (potential) acquisition of property the value of which exceeds the threshold equivalent of USD 200,000,000 (two hundred million) denominated in KZT at the exchange rate set in the macroeconomic forecast (baseline scenario) for the relevant period
Approval of the gratuitous disposal by Ak Su KMG LLP of a 100% stake in the authorised capital of Kenderly Desalination Plant LLP to the Mangistau Region for municipal ownership
