Топ-менеджмент Казмунайгаза зарабатывает больше, чем саудовские шейхи

Our new special project is about Kazakhstan's largest national companies. Today, we'll tell you about the largest subsidiary of the Samruk-Kazyna Welfare Fund – JSC NC KazMunayGas. The company was formed in 2002 as a result of the merger of Kazakhoil and NC Transport of Oil and Gas. KazMunayGas is currently involved in the activities of several hundred companies, more than half of which are domiciled abroad. KMG has business assets in Switzerland, the Netherlands, Canada, Bulgaria, Moldova, Turkey, the UK, and the UAE. The national company even has subsidiaries in offshore jurisdictions – the British Virgin Islands, the Marshall Islands, the Bahamas, and Bermuda. Following the publication of the OOCRP investigation "The Paradise Papers" in 2017, the company's offshore assets were valued at approximately $5 billion. Their current value is unknown – the national company's annual audit reports lack transparency regarding its foreign assets, much less its offshore subsidiaries. The company's revenue is measured in trillions, and its net profit in hundreds of billions of tenge. For the first half of 2023, KMG's revenue amounted to 3.94 trillion tenge, and its net profit was 492 billion. At the same time, the company spends disproportionately on executive compensation. We reached this conclusion after comparing the performance of several oil and gas companies from different countries. For example, we found that the Azerbaijani company Socar generates almost twice as much profit, while paying its top managers tens of times less. Our editor, Katerina Klemenkova, explores the salaries of oil and gas company executives, the complex and confusing structure, the legal cases of Kazmunaev's numerous subsidiaries, and other interesting facts.