Delixy Holdings Enters Non-Binding LOI for Potential Stake in Kazakhstan's Sarybulak Oil Field
Delixy Holdings (NASDAQ:DLXY) has signed a non-binding letter of intent to potentially acquire up to 48% ownership in Tarbagatay Munay, the operator of Kazakhstan’s Sarybulak Oil Field. The deal could mark Delixy's expansion from oil trading into upstream production but remains subject to due diligence, regulatory approvals, and finalizing terms. The project has a long history of supplying natural gas to China via its cross-border pipeline and recently began commercial crude oil sales in early 2026. It holds an estimated 100 million metric tons of original oil in place, though this does not equate to proven recoverable reserves. The company is also exploring light oil-bearing structures that could diversify future production. While the transaction offers potential for Delixy’s business model shift and access to international markets via export rights, key financial details such as valuation or purchase price remain undisclosed. Investors should note that this preliminary agreement does not guarantee a completed deal.
Topics: acquisition Kazakhstan oil and gas upstream production