The foundation for establishing JSC “Kumkol-LUKoil” was the Agreement between the Government of the Republic of Kazakhstan and the Government of the Russian Federation on cooperation in the development of fuel and energy complexes, signed on December 2, 1993, in Almaty.

Pursuant to this agreement, on April 11, 1995, the Ministry of Oil and Gas Industry of the Republic of Kazakhstan and OJSC “LUKoil Oil Company” signed a cooperation agreement, reflecting their mutual interest in ensuring beneficial collaboration in the extraction, utilization, and processing of hydrocarbon resources in Kazakhstan.

To implement this agreement in terms of establishing a Joint Venture, the state-owned JSC “Yuzhneftegaz” and JSC “NC LUKoil” entered into an agreement in July 1995 to create a joint enterprise for oil production in the contract area (northwestern part of the Kumkol field).

Just a few months later, the Kazakh enterprise “Yuzhneftegaz” and OJSC “LUKOIL” signed another agreement to establish a joint venture with equal participation shares of the founders, aimed at developing oil production in the contract area covering the northwestern part of the Kumkol field.

The Joint Venture was officially registered on August 22, 1995, as a Closed Joint-Stock Company “Kumkol-LUKoil.”