Maxim Telemtayev

Partner, Astana


"We have worked with Maxim on several transactions. We note high professionalism, deep awareness and efficiency in his work."
Chambers Global 2024 (Corporate &Finance)

"Maxim is always available to quickly mobilise the best team when needed."
Chambers Asia-Pacific 2024 (Energy & Natural Resources)

“He as a prescience that allows him to easily explain the complex issues to company management”, “Maxim xan provide xlients with extra value”, “He is the best person to help you close a transaction”
Chambers Asia-Pacific 2023 (Corporate &Finance)

“He is very responsive and has great commercial acumen”
Chambers Asia-Pacific 2023 (Energy & Natural Resources)

“Maxim Telemtayev is very flexible, client-oriented and responsive. He is wonderful to work with.”
Chambers Global 2022 (Corporate &Finance)

“impressed by his handling of difficult negotiations.”
Chambers Global 2022 (Energy & Natural Resources)

“Maxim Telemtayev always provides a high quality reliable and efficient process. His team is also extremely competent and provides a high-quality, efficient service.”

“Good knowledge of local regulatory landscape and key figures in the administration. Maxim Telemtayev is a stand-out partner in oil & gas.”

“Maxim Telemtayev, partner in corporate and M&A is very responsible, and has a good level of managing deals, strong legal knowledge, good negotiation skills and a good relationship with local key market players.”
Legal500 Kazakhstan 2022 (Commercial, Corporate and M&A)


With more than 25 years' experience in sectors as diverse as energy, mining, power generation and banking, Maxim brings insight and know-how to major local and international clients.

Maxim works at the Firm's office in Astana, but also supports companies with their corporate finance and commercial transactions across Central Asia.

He delivers guidance and rigour to large and challenging public and private acquisitions, reorganisations and consolidations and applies his understanding to the transactional documentation and negotiations, legal due diligence and financing considerations of clients' deals.

His clients benefit from his hands-on involvement in their PPP projects as well as in all matters relating to their mergers and acquisitions.

Additionally, Maxim supports the Kazakhstan government and industry bodies in developing relevant foreign investment, natural resources and other legislation.

Bars and Courts
Adilet Higher Law School




IPO of KazMunayGas, a leading national oil and gas company 
Representation of National Company KazMunayGas JSC, a leading national oil and gas company, and Samruk-Kazyna, Kazakhstan's national welfare fund as the selling shareholder on the IPO of c. 18.3 million ordinary shares of KMG owned by Samruk-Kazyna on the Kazakhstan Exchanges (AIX and the Kazakhstan Stock Exchange). This is the first IPO on the AIX to be based on the prospectus prepared exclusively in accordance with the AIX regulations (all prior equity offerings on AIX followed a "dual listing" model where the AIX accepted prospectuses prepared in accordance with the regulations of exchanges the AIX recognizes as equivalent).

Zhanatas Wind Farm Financing
Representation of AIIB, EBRD, ICBC and the Green Climate Fund in relation on the project financing for the construction and operation of the 100 MW Zhanatas wind farm in Kazakhstan, the largest of its wind turbines kind in Central Asia. The transaction was awarded "Deal of the Year" for 2021 by China Business Law Journal, and the "Projects & Energy Deal of the Year" by The In-House Community.

Almaty International Airport Reconstruction
Representation of the senior international lenders, EBRD and IFC, in the secured financing of the Almaty International Airport reconstruction for US$450 million. The transaction was named "M&A/Acquisition Finance Deal of the Year" by Bonds, Loans & Sukuk Turkey Awards 2022.

Khorgos-Eastern Gateway
Representation of VPE Eurasia GP Limited, a SPV fully owned by private equity fund, VPE Capital, and Mubadala, in relation to the sale of a stake in KIF Warehouses LLP located in the Khorgos-Eastern Gateway logistics park in Kazakhstan.

The First and Large Road PPP in Kazakhstan
Representation of an international consortium of sponsors, Alsim Alarko Sanayi Tesisleri ve Ticaret A.Ş, Makyol İnşaat Sanayi Turizm ve Ticaret A.Ş., SK Engineering & Construction Co., Ltd. and Korea Expressway Corporation on the development and financing of the US$750 million Big Almaty Ring Motor Road (BAKAD). The BAKAD project is one of the largest non-oil infrastructure public-private partnership projects of the Kazakhstan Government financed by the private sector. This project was named "Europe Transport Deal of the Year: BAKAD" by Project Finance International 2020.
Nostrum Oil & Gas
Representation of Nostrum Oil & Gas, a premium listed company with oil and gas assets in Kazakhstan, on its proposed restructuring of US$1.1 billion of notes due in 2022 and 2025 by way of debt for equity swap deal with noteholders.

Representation of Nostrum Oil & Gas on its proposed US$53 million acquisition of the Stepnoy Leopard licence in Kazakhstan.

Kazakhtelecom's acquisition of Kcell
Representation of Kazakhtelecom JSC, Kazakhstan's state-controlled leading telecommunications company, on the acquisition of a 75 percent stake in Kcell JSC, the leading mobile operator in Kazakhstan which is listed on the London Stock Exchange (LSE) and the Kazakhstan Stock Exchange (KASE).

First IPO on Astana International Exchange
Representation of a syndicate of banks including Credit Suisse and J.P. Morgan as joint global coordinators and joint bookrunners, China International Capital Corp., Halyk Finance and Mizuho International plc as joint bookrunners, and Numis Securities as co-manager, on the US$451.3 million initial public offering of JSC NAC Kazatomprom, the world's largest producer of uranium. Kazatomprom's ordinary shares have been admitted to trading on the newly established Astana International Exchange (AIX) and GDRs on the LSE and AIX. This deal was named as "ECM Deal in CEE, Russia and CIS" by GlobalCapital 2019.

Private investment of Resource Capital Fund VII L.P.
Representation of Resource Capital Fund VII L.P., a US-based private equity fund, in a 35 percent indirect equity acquisition of RG Gold, a gold mining company based in Kazakhstan.

Buyback offer of KazMunaiGas Exploration and Production
Representation of KazMunaiGas Exploration and Production JSC in relation to its buyback offer for shares and GDRs. This unique project required an innovative listing of the GDRs on KASE to permit a repurchase of GDRs in a tax efficient manner for holders.

M&A transactions of the largest polymetall producer in Kazakhstan
Representation of Kazzinc Limited, a subsidiary of Glencore plc, on its sale of Orion Minerals LLP, which owns the Komarovskoye gold deposit in the Republic of Kazakhstan, to Polymetal International plc. The total consideration payable to Orion Minerals was US$100 million in cash.

Representation of Kazzinc Limited, the largest polymetals producer in Kazakhstan, on its acquisition of Zhairem GOK JSC, a large producer of manganese, ferromagnesian and barite concentrates.

Astana International Financial Centre
Representation in connection with the developing of the model, drafting the Constitutional Law "On the Astana International Financial Centre" and further establishment of a new Astana International Stock Exchange within the AIFC territory – AIX.

Petrochemical project in West Kazakhstan
Representation of Kazakhstan Petrochemical Industries (KPI) on the development, construction, and financing of a $2 billion petrochemical complex to be located in the Atyrau region of Kazakhstan. The financing for the project was provided by China Development Bank Corporation Xinjiang Branch.

New Subsoil Use Code of Kazakhstan
Since 2013 leading the W&C team, who has been at the forefront of the subsoil use legislation improvement being a part of the working groups under the auspices of Ministry of Investments and Development and Ministry of Energy of the Republic of Kazakhstan and KazEnergy Association. Work included amendments to the Subsoil Use Law and drafting New Subsoil Use Code of the Republic of Kazakhstan.


Legal Aspects of Public Private Partnership projects in Kazakhstan, Oil & Gas Journal, March 2010 Commentary to the Code of the Republic of Kazakhstan "On Subsoil and Subsoil Use", 2021, co-author

Awards and Recognition

Ranked Band 1 for Corporate & Finance, Chambers Global 2014 - 2024
Ranked Band 2 for Energy and Natural Resources, Chambers Global 2014 - 2024

Highly regarded for M&A, Banking, Energy and Infrastructure, Restructuring and Insolvency and Project Finance in the IFLR1000 2023

Recommended for Oil & Gas and Thought Leader for M&A by Who’s Who Legal 2022

Ranked Tier 1 for Kazakhstan legal market 
The Legal500 2012 – 2018