Borанбаев's former oil company posts 75 million tenge loss

Phystech II, a company formerly owned by Kairat Boranbayev, reported a loss of 75 million tenge for the first three quarters of 2026, compared with a loss of 12.9 billion tenge a year earlier. The company's revenue plummeted 134-fold. This was reported by Qazaqyia.kz citing Kursiv Media.

The cumulative loss of the oil company Phystech II for the nine months amounted to 75 million tenge. At the same time, for the same period last year, the company's loss was much larger – 12.9 billion tenge. In 2026, the company's revenue decreased 134-fold – from 5.7 billion tenge to 42.4 million tenge. The company had no revenue from the sale of crude oil. From the sale of petroleum products, it received 38.5 million tenge, compared with 4.2 billion tenge for the same period in 2025.

Following the significant decline in sales, the cost of sales also decreased – 139-fold, to 27 million tenge against 3.8 billion tenge a year earlier. Selling expenses dropped to 2 million tenge. A year earlier, they amounted to 817 million tenge, mainly due to excise tax reimbursement. Administrative expenses for the three quarters, on the contrary, increased to 252 million tenge.

The significant difference between the losses for the nine months of 2026 and 2025 is mainly explained by expenses from impairment of non-financial assets. In 2025, they amounted to 13.8 billion tenge, while for the three quarters of 2026 – 111 million tenge.

Phystech II's trade and short-term receivables as of the end of September amounted to 305 million tenge, having decreased since the beginning of the year. The company had 1.9 billion tenge in its accounts.

The report notes that until November 2025, the company was engaged in exploration, production, and sale of hydrocarbons at oil and gas fields in the Mangistau region of Kazakhstan. Phystech II developed the "North Karazhanbas" oil field under a subsoil use contract. However, in November last year, the company transferred the contract and assets to North Karazhanbas Ltd. In turn, 49% of North Karazhanbas Ltd belongs to Phystech II.

In June 2026, the Samruk-Kazyna fund transferred Phystech II to KazMunayGas. Then the company passed to KMG's subsidiary – KMG Engineering. Until July 2024, the owners of the oil company were Kazstroyproekt-A and businessman Kairat Boranbayev.