Press Releases


VTB Gave a 38.2 bln RUB Credit to the Atyrau Refinery against KazMunayGas’s Guarantee

Atyrau Refinery (AR) and VTB Group have signed an AR financing loan agreement with the RUB 38.2 bln disbursement amount. To secure the liabilities KazMunayGas National Company has issued a corporate guarantee.

The funds will be spent to refinance the foreign currency loan for Refinery Modernisation Project financed by the Export-Import Bank of China.

Dauren Karabayev, KMG Chief Economics and Finance Officer:

“We entered into the transaction in the midst of the pandemic, however, despite the environmental challenges it was successfully closed on time. VTB agreement enabled us to leverage and diversify the KMG Group’s loan portfolio and to mitigate the overall currency risks.”

Aidar Kaliyev, Head of Central Asian Operations, VTB Senior Vice President:

“The facility transaction with AR is an important step towards strengthening the partnership between the VTB Group and KazMunayGas. It paves the way for further development of our relations and gives an access to a broad prospective market of rouble borrowings for the group companies. The completion of this transaction, which is largest in Kazakhstan oil and gas sector for VTB, confirms the Bank’s leadership and wide possibilities in providing innovative financial solutions for Kazakhstan companies.”


KazMunayGas National Company is a Kazakhstan leading vertically integrated oil and gas company. KMG asset management covers the entire production cycle, i.e. from exploration and production of hydrocarbons to transportation, refining and provision of maintenance services. The Company represents the Republic of Kazakhstan interests in the national oil and gas industry. The shareholders are Sovereign Wealth Fund Samruk-Kazyna (90.42%) and the National Bank of the Republic of Kazakhstan (9.58%). In 2020, KMG produced 21.752 million tonnes of oil and 8.191 billion m3 of associated gas and natural gas. Oil refineries refined 18.077 million tonnes of oil.

Atyrau Refinery (a subsidiary of KazMunayGas) was built during the Great Patriotic War, and in 2010–2017, it had a large-scale modernisation. As a result of the modernisation, all AR products conform to K4 and K5 emission standards, and the refinery’s capacity has been increased by 500,000 tonnes — to 5.5 million tonnes/year.

VTB Bank (PJSC), with its subsidiary banks and financial institutions (VTB Group), is a multinational financial group that provides a wide range of financial and banking services in Russia, CIS, Western Europe, Asia and Africa. As of 30 June 2021, its assets amounted to 19.6 trillion roubles, and the customer funds amounted to 14.3 trillion roubles. VTB’s main shareholder is the Russian Government, which holds 60.9% of voting shares.