Rakishev's Altaris completes $304.6m purchase of Nostrum's Kazakh oil and gas assets

Altaris Holding Ltd, a holding company of Kazakh businessman Kenes Rakishev, has completed its $304.6 million purchase of the Kazakhstan oil and gas assets of Britain's Nostrum Oil & Gas. The deal, closed on 15 October 2026, ends nearly 30 years of the company's operations in the country. Proceeds will partly repay debt before the remaining business is wound down in stages.

Altaris acquired stakes in Zhaikmunai and Positive Invest, along with related credit agreement rights. $10 million is held in escrow for at least six months to cover seller guarantees. The final amount may change after settlement between the parties. Nostrum fully repaid its senior secured bonds due in 2026 and plans to buy back unsecured bonds with a nominal value of $417.5 million.

Nostrum CEO Viktor Gladun said the sale ends nearly three decades of investment, with more than $2.5 billion invested in local oil and gas projects since 1997. The buyer is registered in the Astana International Financial Centre (AIFC).