Kazakh tycoon gives up stake in major oil trader

Timur Kulibayev, chairman of Kazakhstan’s Nationwide Chamber of Entrepreneurs “Atameken”, seems to be on throughout a chamber assembly in Almaty, Kazakhstan, February 9, 2016. Image taken February 9, 2016. REUTERS/Shamil Zhumatov

NUR-SULTAN, June 28 (Reuters) – Kazakh billionaire businessman Timur Kulibayev has handed to the state vitality firm his stake of 49% in Petrosun, a big oil and oil merchandise dealer managed by China’s CNPC, Kazakh Deputy Prime Minister Roman Sklyar stated on Tuesday.

Petrosun buys and refines the lion’s share of Kazakh crude that’s not produced and marketed by Western oil majors, earlier than promoting it on the native market.

Sklyar didn’t give a cause for the choice by Kulibayev, a son-in-law of former president Nursultan Nazarbayev. Kulibayev couldn’t be instantly reached for remark.

In April, one other Nazarbayev relative, his nephew Kairat Satybaldy, handed to the federal government a stake of 29% in telecoms agency Kazakhtelecom after being arrested on fees of embezzlement and abuse of workplace.

Nazarbayev, who resigned in 2019 however had retained sweeping powers as the top of safety council, misplaced that place throughout violent unrest in January.

His successor, Kassym-Jomart Tokayev, has since arrange a panel to deal with monopolies and seize property seen to have been privatised improperly.

Reporting by Tamara Vaal;
Writing by Olzhas Auyezov; Modifying by Clarence Fernandez

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