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About the Company

Business Model and Value Chain

Business Model

KMG business model diagram

Value Chain

GRI 2-6

KMG value chain diagram

Production, transportation, and sales of oil and gas

In 2025, KMG's oil and gas condensate production totaled 26,211 thousand tonnes (544 thousand barrels per day), which is a 10% increase compared to the previous year. The production volume of associated and natural gas (before reinjection) increased by 19.8%, reaching 11,450 million cubic meters.

The total volume of main pipeline and marine oil transportation in 2025 was 83,330 thousand tonnes, reflecting a slight decrease (less than 0.2%) compared to the previous year, indicating stable transportation volumes.

KMG's share of sales and shipments of produced crude oil and gas condensate increased by 9.4% to 26,280 thousand tonnes, of which 66.7% was exported.

To meet domestic market needs, KMG supplied 8,740 thousand tonnes of its own oil and gas condensate, including 5,411 thousand tonnes of crude oil from its operating assets (Ozenmunaigas JSC, Embamunaigas JSC, KazakhTurkMunai LLP, Urikhtau Operating LLP), to the Atyrau Oil Refinery LLP, Pavlodar Petrochemical Plant LLP, Shymkent Refinery (PetroKazakhstan Oil Products LLP) for further processing and sale of petroleum products.

Refining and sales of petroleum products

As of the results of 2025, KMG's share of hydrocarbon feedstock processing reached a historic high of 20,980 thousand tons, which is 9.5% above the previous year's level.

KMG's share of processing volume at Kazakhstani refineries increased by 3.2% to 14,698 thousand tonnes. This growth was driven by the stable operation of PetroKazakhstan Oil Products LLP without any scheduled maintenance shutdowns, as well as increased oil supplies to Pavlodar Petrochemical Plant LLP to boost the production of light petroleum products. Processing volumes at KMG International N.V.'s plants in Romania rose by 27.9% to 6,282 thousand tonnes, driven by the restoration of production capacity following scheduled major repairs and the restart of the mild hydrocracking unit in 2024.

The volume of petroleum products output at Kazakhstani and Romanian refineries totaled 19,708 thousand tonnes, representing a 10.1% increase:

  • At Kazakhstan refineries, production increased by 3.4% to 13,528 thousand tonnes. The rise in refining throughput led to higher yields of light petroleum products: gasoline production increased by 7.0%, and diesel fuel by 15.4%.
  • In Romania (KMG International N.V.), the Petromidia and Vega refineries increased production by 28.5% to 6,180 thousand tonnes due to the restoration of production capacities following scheduled major repairs and the restart of the mild hydrocracking unit.

Table 1. Sales of KMG's own petroleum products, thousand tonnes

2024 2025 %
Domestic
market
Export Total Domestic
market
Export Total Domestic
market
Export Total
Gasoline 1,582 - 1,582 1,833 9 1,842 +15.8% - +16.4%
Diesel 7 1,673 - 1,673 2,009 - 2,009 +20.1% - +20.1%
Other 1,328 688 2,016 1,271 486 1,757 -4.3% -29.4% -12.9%
Total 4,583 688 5,272 5,113 495 5,607 +11.5% -28.1% +6.4%

The volume of wholesale sales of KMG's own petroleum products increased by 6.4%, reaching 5,607 thousand tonnes. The growth was driven by increased production and sales of light petroleum products in the domestic market: gasoline and diesel fuel sales increased by 15.8% and 20.1%, respectively.

7. In 2025, KMG additionally sold 295 thousand tonnes of imported diesel fuel.

Finished goods warehouse

Table 2. Polypropylene: production and sales, thousand tonnes

2024
(KMG's share)
2025
(KMG's share)
%
Production 123.3 186.6 +51.4%
Sales:
Domestic market 11.3 19.4 +71.3%
Export 112.1 161.4 +44.0%
Total sales 123.4 180.8 +46.5%

Production figures for the Kazakhstan Petrochemical Industries Inc. LLP plant showed steady growth. During the reporting period, polypropylene production reached 377 thousand tonnes. Thanks to the stabilization of production processes, polypropylene output increased by 51.4% compared to the previous year, reaching 186.6 thousand tonnes attributable to KMG.

The total polypropylene sales volume increased by 46.5% compared to 2024, amounting to 180.8 thousand tonnes attributable to KMG:

  • Polypropylene sales to the domestic market increased by 71.3%, reaching 19.4 thousand tonnes.
  • Polypropylene export sales increased by 44.0%, reaching 161.4 thousand tonnes. The main growth was driven by shipments to European countries, Turkey, and Russia.
Taraz tanker on the water