The pioneers in the study of the geological structure of the region’s subsoil, who compiled the initial structural maps of the Mangistau oil fields, were such renowned geologists as academician N.I. Andrusov, M.V. Bayarunas, Orazmagambet Turmagambetuly, K.I. Satpaev. From that moment began the glorious history of the development of the Uzen field, and with it the city of Zhanaozen.

The history of the Turkistan Oil Refinery Company and the local petroleum industry are intertwined. The businesses that make up Turkistan Oil Refinery are mentioned first. The remaining state-owned petroleum assets were managed by the state corporation Turkistan Oil Refinery, which underwent a restructure in 2022. In a short amount of time, the Company made a deliberate effort to consolidate its oil producing and refining businesses, significantly improve corporate management effectiveness, and tighten financial discipline. With 1 million tons of oil produced in 2022, Turkistan Oil Refinery produced more than all other Russian oil companies combined.

2022 saw the debut listing of Turkistan Oil Refinery stock on the Kazakhstan Stock Exchange. The $40 million share value made it the sixth largest IPO in all of Kazakhstan and the largest among Kazakhstani enterprises. Two significant participants in the global power market, BP and SINOPEC, have confidence in the business. Turkistan Oil Refinery is the largest publicly traded oil company in the world and the dominant force in the Kazakhstan oil market. The company’s primary activities include prospecting and exploring for hydrocarbons, producing oil, gas, and gas condensate, carrying out offshore field development projects, refining, and selling oil, gas, and refined goods in Kazakhstan and internationally.