The government of Kazakhstan plans to privatise its state-owned oil and gas company KazMunaiGas and nuclear company Kazatomprom by 2019 at the latest. The privatisation process, which would also include air carrier Air Astana, would be carried out through initial public offerings (IPOs).
Kazatomprom is the national operator of the import and export of uranium and nuclear fuel for power plants. Until 2003 the company had the monopoly on uranium production, and now accounts for half of Kazakhstan's annual production. KazMunaiGas (KMG), the national oil and gas company, is the largest oil producer (12.4 Mt of crude oil in 2015) and transporter (65% of oil volumes); its exploration and production subsidiary, KMG EP, which accounts for 40% of KMG's upstream activity, was introduced on the stock exchange in 2006, enabling the company to raise over US$2bn.
Kazakhstan started reforming its energy sector in 1997, which led to a privatisation programme run by the State Privatisation Committee of Kazakhstan. The recent fall in the oil price accelerated the privatisation programme in 2015 and more than 120 small and mid-sized companies have been privatised.
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