Kazakhstan sovereign fund Samruk-Kazyna is considering selling another stake in Kazakhstan's state-held uranium producer Kazatomprom, depending on market conditions and on the fund's budget. Approximately 15% of the company's share capital was listed in an initial public offering (IPO) in Astana and on the London Stock Exchange (LSE) in November 2018; Samruk-Kazyna retained the remaining 85%.
Kazatomprom is the world's largest producer of natural uranium in terms of volumes. Until 2003, the company had the monopoly on Kazakhstan's uranium production, and now contributes around 40% of Kazakhstan’s annual output. It also holds the largest uranium reserves and owns 8 out of the 10 largest in-situ recovery (ISR) uranium mines in the world.
Kazakhstan is also considering to privatise 25% of state-owned KazMunayGaz (KMG), the national oil and gas company, active in exploration, production, refining and transportation of hydrocarbons. Its E&P production subsidiary (KMG EP), which accounts for 40% of KMG's upstream activity, was listed in 2006, enabling the company to raise over US$2bn. Kazakhstan expects to raise US$3bn to US$5bn from the sale of a 25% stake in KMG.