Delixy Holdings explores a strategic entry into upstream oil production via a potential 48% stake in Kazakhstan's Sarybulak Oil Field, marking a shift from its core trading business.
Delixy signed a non-binding LOI to acquire up to 48% of Tarbagatay Munay, but the deal is preliminary and subject to due diligence, financing, and regulatory approvals.
Tarbagatay Munay operates the Sarybulak Oil Field and is the target of Delixy's proposed acquisition, though the LOI is non-binding and no definitive terms have been set.
Delixy Holdings has signed a non-binding letter of intent to acquire up to 48% of Tarbagatay Munay, the operator of Kazakhstan's Sarybulak Oil Field. The move signals a strategic pivot for the firm from crude trading into upstream production, though the deal remains subject to extensive due diligence, regulatory approvals, and final financing terms.
The companies have signed a non-binding letter of intent. The deal is subject to due diligence, definitive agreements, and regulatory approvals in Kazakhstan.