Kazakhstan's QazaqGaz Eyes Potential IPO Between 2026 and 2027

Kazakhstan's state-owned energy company QazaqGaz is contemplating an initial public offering (IPO) between 2026 and 2027.

"QazaqGaz is currently included in the list of assets for privatization, with a preliminary timeline for an IPO set for 2026-2027," the company said, The Caspian Post reports citing Interfax.

QazaqGaz has cited gas price liberalization as a prerequisite for the offering. Nurlan Yesmukhan, the company's pricing policy director, has said that "fair gas market" must first be established to eliminate losses before an IPO becomes viable. He said he agreed with the Samruk Kazyna state fund that it would be too soon to hold an IPO for QazaqGaz in 2025.

Currently, domestic gas prices remain below production costs.

Samruk Kazyna state fund will delay the initial public offering for national gas company QazaqGaz, initially planned for 2025, due to the need to enhance the company's investment appeal. Even so, the fund said it and QazaqGaz would prepare the company for an IPO in keeping with an approved road map.

QazaqGaz, a portfolio company of Samruk Kazyna, manages the country's centralized infrastructure for transporting commercial gas through trunk pipelines and gas distribution networks, ensures international transit, and sells gas in both domestic and international markets. The company is also involved in the development, financing, construction, and operation of pipelines and gas storage facilities.