PetroKazakhstan Inc. was founded in Canada in 1986 as Hurricane Hydrocarbons Ltd. (from 2 June 2003 the Company amended its charter to reflect a change of name from Hurricane Hydrocarbons Ltd. to PetroKazakhstan Inc.) and until 1991 carried out its operations predominantly in Western Canada.

In 1996 PetroKazakhstan Inc., in accordance with a privatization agreement signed with the Kazakhstan government, purchased Yuzhneftegas, which owns and manages the Kumkol group of fields. At that moment production levels at Kumkol amounted to roughly 55,000 barrels of oil per day. As part of the purchase, PetroKazakhstan Inc. purchased a 100% share in JSC PetroKazakhstan Kumkol Resources (PKKR); a 50% share in CJSC Kumkol LUKoil (now JSC Turgai Petroleum) and a 50% share in JSC Kazgermunai.

In 2000 the Group concluded the purchase of 88.4% of the shares of PetroKazakhstan Oil Products LLP (former OJSC Hurricane Oil Products, before that OJSC Shymkentnefteorgsintez). PKOP owns the Shymkent Oil Refinery, which is close to the town of Shymkent. With the purchase of the Shymkent Oil Refinery, which is the most modern in the country, PetroKazakhstan Inc (still Hurricane at that time) became the first vertically integrated foreign oil company in Kazakhstan. The Shymkent Oil Refinery was built using the newest technology available in Soviet times and was commissioned in 1985. The company was originally a part of Yuzhneftegas, and was then privatized. The plant was privatized in 1996. Built to refine up to 160,000 barrels of west-Siberian oil per day, the plant currently receives crude oil produced by PetroKazakhstan Kumkol Resources from the Kumkol field, as well as third party oil. At 31 December 2006 the Group owned 99.43% of the charter capital of PKOP.

On 21 August 2005 the China National Oil & Gas Exploration and Development Corp. (CNODC), a 100% subsidiary of the China National Petroleum Corporation (CNPC) through its 100% subsidiary CNPC International Ltd (CNPCI) entered into an agreement with PetroKazakhstan Inc., whereby CNPCI acquired the entire charter capital of PetroKazakhstan Inc. The transaction was completed on 26 October 2005. As a result of being purchased by CNPCI, PetroKazakhstan Inc. became an indirect 100% subsidiary of CNODC.

According to the Law of the Republic of Kazakhstan On Subsoil Use, on 15 October 2005 CNODC, through its 100% subsidiary CNPCI, concluded a memorandum of understanding with JSC National Company KazMunaiGas (KMG), whereby KMG purchased 33% of the shares of PetroKazakhstan Inc. The transaction was completed on 5 July 2006.

As part of the agreements between CNPCI and KMG, on 6 July 2007 KMG purchased a 50% share in PKOP on a parity basis.

Key dates:

1986 – opening of the Kumkol and South-Turgai basin in south-central Kazakhstan.

1986 – Hurricane Hydrocarbons Ltd. founded and incorporated in Calgary (province of Alberta, Canada).

1991 – The Company enters the Kazakhstan market as a partner in a joint venture that develops the Kyzylkiya, Aryskum, Maibulak and South Kumkol fields.

1996 – The Company purchases Yuzhneftegas together with 50% shares in two joint ventures – Kazgermunai and Turgai Petroleum.

2000 – The Company purchases Shymkentnefteorgsintez (ShNOS), which owns one of three of the country’s oil refineries.

2003 – The corporate name is changed to PetroKazakhstan Inc. so as to clearly reflect the company’s operations and country in which the company performs its operations.

2005 – PetroKazakhstan Inc. purchased CNPCI, a subsidiary of China National Petroleum Corporation.

2006 – The Company signs a Memorandum on Cooperation with the transfer of a 33% share in PetroKazakhstan Inc. to NC KazMunaiGas.

2007 – according to the Memorandum on Agreement, PetroKazakhstan Oil Products transfers to KMG and CNPC E&D.