Delixy signs LOI to acquire up to 48% stake in Kazakhstan Sarybulak oil field operator TBM

The project sits about 90 km from the China-Kazakhstan border, supported by a company-owned cross-border pipeline supplying gas to China for 13 years.

Aggregate gas deliveries reached nearly 4,000,000,000 cubic meters by end-April 2026; commercial crude oil sales started in Q1 2026.

Tarbagatay Munay reports about 100,000,000 metric tons of approved original oil in place. Completion hinges on due diligence and Kazakhstan approvals.

Delixy signed a non-binding LOI to pursue a strategic deal for up to 48% of Tarbagatay Munay, operator of Kazakhstan’s Sarybulak oil field.

Two structures are under review: an equity acquisition to secure operating and profit rights, or an asset merger with restructuring.