Kazakh tycoon sells stake in major oil trader By Reuters

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© Reuters. FILE PHOTO: Timur Kulibayev, chairman of Kazakhstan’s National Chamber of Entrepreneurs ‘Atameken’, attends a meeting of the chamber in Almaty, Kazakhstan February 9, 2016. Picture taken February 9, 2016. REUTERS/Shamil Zhumatov

NUR-SULTAN (Reuters) – Kazakh billionaire businessman Timur Kulibayev has sold his 49% stake in Petrosun, a major oil and petroleum products trader controlled by China’s CNPC, to the state energy company, said Kazakh Deputy Prime Minister Roman Sklyar on Tuesday.

Petrosun buys and refines the lion’s share of Kazakh crude that is not produced and marketed by Western oil majors, before reselling it on the local market.

Sklyar gave no reason for the decision of Kulibayev, son-in-law of former President Nursultan Nazarbayev. Kulibayev could not immediately be reached for comment.

In April, another relative of Nazarbayev, his nephew Kairat Satybaldy, handed over a 29% stake in telecommunications company Kazakhtelecom to the government after he was arrested for embezzlement and abuse of power.

Nazarbayev, who resigned in 2019 but had retained sweeping powers as head of the security council, lost the post during violent unrest in January.

His successor, Kassym-Jomart Tokayev, has since set up a panel to tackle monopolies and seize assets that have allegedly been improperly privatized.

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