Altaris Holding Ltd, a holding company owned by Kazakhstani businessman Kenes Rakishev, has completed the acquisition of oil and gas assets operated in Kazakhstan by U.K.-registered firm Nostrum Oil & Gas. The $304.6 million deal ends Nostrum’s nearly 30-year presence in the country. The company has used proceeds from the sale to pay down debt and will phase out its remaining business operations.
According to Nostrum, on Oct. 15, 2026, Altaris Holding Ltd acquired its participating interests in the charter capital of Zhaikmunai LLP and POSITIV Invest LLP, together with its rights under certain related loan agreements. The final transaction value may be subject to adjustment following the completion of final settlements between the parties.
The buyer is registered at the Astana International Financial Centre (AIFC). Its shareholders are Alturion Holding Limited (owned by UAE-based Alturion FZCO), which holds a 51% stake, and Fincraft Energy Holding Limited (owned by Rakishev), which holds a 49% stake.
To secure the seller’s warranties and cover any potential claims «under or in connection with the SPA,» $10.0 million of the consideration has been placed in escrow for at least six months.
What did Nostrum do with the money?
After closing the transaction, Nostrum fully redeemed its senior secured notes due in 2026. The company has paid off the outstanding principal, accrued interest, and any unpaid and default interest.
Furthermore, after paying the final accrued interest on the senior unsecured notes due in 2026, Nostrum intends to purchase $417.5 million of the notes’ principal.
After that, only unsecured bonds with a nominal value of $100 million will remain outstanding. They mature on Dec. 31, 2028, with no interest accruing after the deal.
As Nostrum Oil & Gas CEO Viktor Gladun noted, the transaction marks the culmination of nearly three decades of Nostrum’s investment and operations in Kazakhstan. Since 1997, the company has invested more than $2.5 billion in local oil and gas projects.
«For Nostrum, the transaction represents the successful conclusion of a lengthy strategic sale process, enabling the Group to redeem its Senior Secured Notes in full and substantially reduce its remaining indebtedness,» Gladun said.
Why does Rakishev want Nostrum’s oil and gas assets?
News of the agreement to sell the assets first emerged on Aug. 17. One key asset in the acquisition is reportedly the Zhaikmunai gas processing plant. Experts believe the facility, which has a capacity of 4.2 billion cubic meters of gas per year, could be used to process gas from the Karachaganak field.
In early October, Zhaikmunai also announced the full early redemption of its own bonds, totaling $560 million.
The deal with Altaris came amid financial difficulties at Nostrum. In 2025, the company defaulted on $702 million in bonds. That same year, it recorded a $214.2 million loss.
Rakishev ranks 27th on Forbes’ list of the 75 wealthiest people in Kazakhstan, with an estimated net worth of $402 million. He owns and chairs the holding company Fincraft Group, through which he controls the U.K.-registered firms Equus Petroleum and Fincraft Resources.
He also controls the Ertis ferronickel plant and holds stakes in the oil and gas companies Beineu Petroleum and Tethys Petroleum.