Zhaikmunai , independent oil and gas exploration and production company with assets in Kazakhstan changed its name to Nostrum Oil & Gas LP ahead of planned IPO on the LSE. The company's ultimate goal is entry into the FTSE 250 index. The company has been trading its GDRs on the LSE since 2008 and presently is seeking full listing. Nostrum Oil & Gas' principal producing asset is the Chinarevskoye field, in which it holds a 100% interest and is the operator, through its wholly-owned subsidiary Zhaikmunai LLP . In addition, Nostrum Oil & Gas holds a 100% interest in and is the operator of the Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye oil and gas fields. The company doubled its net profit to USD 162mn in 2012. Nostrum is a small oil producer in comparison to other players in Kazakhstan . Still, the company is believed to have strong links to the ruling elites as among its shareholders is Timur Kulibayev, the son-in-law of Kazakhstan's president who controls 27% via Kazstroyservice. Other shareholders are Belgian businessman Frank Monstrey (28%) , Indian steel billionaire Lakshmi Mittal (27%), and Russia -focused private equity firm Baring Vostock (13%). The main reason for changing the name may be the company's plan to avoid parallels with another Kazakh company – Eurasian Natural Resources Corp. ENRC after a row of scandals in London finally , with the help of the Kazakh government managed to become private and delist itself.
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