Delixy Holdings Seeks 48% Stake in Kazakhstan Oil Field

SINGAPORE, Sept. 16, 2026 /CourierPR/ -- Delixy Holdings Limited, a Singapore-based company engaged in the trading of oil-related products, has entered into a non-binding letter of intent to acquire up to 48% of shares in Tarbagatay Munay (TBM), a Kazakhstan registered company operating the Sarybulak Oil Field in East Kazakhstan. The transaction, if completed, would mark a significant step for Delixy in expanding its participation in the energy value chain.

According to the terms outlined in the letter of intent, Delixy intends to evaluate two potential transaction schemes: the acquisition of part or all of the equity of the Project operating company to obtain the operating right, profit right, and development right of the Project, or an asset merger and restructuring involving the Project’s operational assets, pipeline facilities, mineral right reserves, and production and operation business to realize integrated cooperative operation.

The Sarybulak Oil Field, located approximately 90 kilometers from the China-Kazakhstan border, has been providing strategic access to one of the region’s key energy transportation corridors. The Project has maintained a stable and continuous supply of natural gas to China for over thirteen years through a self-owned cross-border pipeline, delivering an aggregate of nearly 4.0 billion cubic meters by the end of April 2026.

In addition to its established gas production operations, the Project has recently expanded into crude oil production, with commercial oil sales commencing in the first quarter of 2026. TBM currently has approximately 100 million metric tons of approved original oil in place (OOIP) recognized by the Kazakhstan Geological Committee. Ongoing geological exploration and resource evaluation activities have identified additional oil-bearing formations within the Project area, which are expected to further enhance the Project's resource scale and asset value.

The Project’s crude production so far consists mainly of heavy naphthenic crude oil, which is a desirable feedstock for producing special naphthenic base oil used in lubricant applications, typically of higher value than conventional fuel products. Recent exploration in the Project area has also indicated several light oil-bearing structures, which are anticipated to facilitate the development of lighter crude oil and support production diversification.

Furthermore, the Project possesses full oil export rights, providing flexibility to access international markets. Mr. Dongjian Xie, Executive Chairman and CEO of Delixy, commented, "The proposed transaction represents a significant step in Delixy's strategy to expand beyond oil trading and strengthen our participation across the energy value chain. Through its privately owned cross-border pipeline, the Project can deliver its produced crude oil to China, Delixy’s main crude market, where we maintain a strong network of commercial relationships and influence over the crude end users. We believe this strategic alignment of the Project's upstream assets with Delixy's established marketing capabilities can enhance commercialization opportunities and support long-term value creation."

Xie continued, "The Project combines strong relationships with local government, long-established natural gas production, existing cross-border energy infrastructure, newly commenced crude oil production, and substantial resource potential within a strategically important region adjacent to the Chinese market. We believe this opportunity could enhance our supply chain integration, diversify our revenue streams, and create additional long-term value for our shareholders."

Completion of the transaction is subject to, among other matters, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein, and approval of the transaction by the Company's board. In addition, any definitive transaction will be subject to, among other conditions, receipt of all required Kazakhstan governmental, regulatory, and subsoil-authority approvals, including any waiver of the State’s statutory priority or pre-emptive right over a transfer of the subsoil use right or a change of control of the subsoil user, and the consent of, and the waiver of any pre-emptive, right-of-first-refusal, tag-along, or similar rights held by, the other shareholder(s) of TBM. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated.