Pavel Kornilov

Partner, Nur-Sultan



Pavel Kornilov is a partner in Nur-Sultan office and the head of the Kazakhstan Energy, Infrastructure and Project Finance and Capital Markets Practice Groups. 

He represents local and international clients in variety of transactions in M&A, banking and finance matters and advises clients in the development and financing of infrastructure projects. He also has an in-depth expertise in banking and financial markets transactions (including structured products, synthetic securitizations, credit and equity derivatives), financial regulatory and corporate advice, mergers and acquisitions. 

In addition to his corporate work and work in banking and securities, Pavel is an experienced speaker and has authored numerous financial publications and speaking engagements.

Bars and Courts
The University of Westminster

London, UK

Adilet Higher Law School

Almaty, Kazakhstan



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.

Representation of Citigroup, Société Générale and BCC Invest on the update of the Republic of Kazakhstan's US$10 billion global medium term note programme and issuance thereunder of €525 million 1.55 percent Notes due 2023 and €525 million 2.375 percent Notes due 2028.

Representation of J.P. Morgan, UBS, Halyk Finance, Citigroup and MUFG as joint arrangers, managers and dealer managers on the update of the US$10.5 billion GMTN program and issuance thereunder of the notes in aggreagate amunt of US$3.25 billion by JSC NC "KazMunayGas" and tender offer and consent solicitation in respect of the outstanding notes in aggregate amount of US$5.25 billion.

Representation of J.P. Morgan and Renaissance Capital as joint global coordinators and Halyk Finance and MUFG Securities as joint bookrunners on the offering of US$780 million 4.850% notes due 2027 by JSC “NC “Kazakhstan Temir Zholy” and guaranteed by JSC “Kaztemirtrans” and JSC “Ktz-Freight Transportation”. 

Representation of KazMunaiGas Exploration and Production, a subsidiary of the national oil & gas company in Kazakhstan, 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.

Representation of AIFC in relation to the creation of a new Astana International Stock Exchange (AIX) as a private company limited by shares, including drafting a shareholders’ agreement between the AIFC Authority and its strategic partner and the Articles of Association of the AIX and the draft Registration Rules of the AIFC. 

Representation of National Bank of the Republic of Kazakhstan in connection with the developing of the model, drafting and negotiations with the state officials of the Constitutional Law “On the Astana International Financial Center”.

Representation of National Bank of the Republic of Kazakhstan (NBK) in relation to the development and implementation of the Program to improve the financial stability of the banking sector in terms of capitalization of large banks of Kazakhstan by using of subordinated notes with the mechanism of their conversion into bank shares in order to ensure the implementation of measures to strengthen the financial stability of the participating bank.

Representation of the Government and the National Bank of the Republic of Kazakhstan in relation to the provision of state support to Kazkommertsbank JSC. Scope of work included conducting the analysis of the current regulations and participation in development of amendments to the applicable legislation for the purposes of the contemplated measures of state support of financial sector.

Representation of the Turkish borrower in connection with US$100 million loan received from the major second-tier bank of Kazakhstan in relation to financing of the construction of a complex of hotel and villas.

Leading a Kazakhstan legal team in connection with the representation of Beineu-Shymkent Gas Pipeline LLP in connection with US$2.5 billion financing of the gas pipeline construction by China Development Bank in Kazakhstan.

Representation of a project company in the project financing of a petrochemical facility construction in Western Kazakhstan by Kazakhstan Development Bank worth some US$1.5 billion.

Representation of KLPE LLP and the sponsors in connection with the US$4 billion development and financing of a petrochemical facility in Atyrau, Kazakhstan. This project was awarded as “The best chemical deal” by EMEA Finance 2015.

Representation of Nostrum Oil & Gas on a group reorganization including the acquisition of the business of Nostrum Oil & Gas LP, an independent oil & gas exploration and production business with assets in Kazakhstan, by way of a scheme of reorganization.

Representation of JSC Eurasian Bank in acquisition of 100% voting shares in JSC BankPozitif Kazakhstan. Legal advice included deal structuring, legal due diligence, drafting sale-purchase agreement as well as assistance with closure of the transaction.

Representation of KazTransGas Aimak JSC, a subsidiary of the largest gas supply company in the Republic of Kazakhstan, on Medium-Term KZT Bonds issue – the first and the only KZT denominated notes issuance and the establishment.

Representation of KazTransOil JSC on People’s IPO program in connection to Initial Public Offering of the company on the Kazakhstan Stock Exchange. Acted as a team leader on the Kazakhstan law matters.

Representation of Alliance Bank JSC in its debt restructuring (this is the second such restructuring since 2009) and in the consolidation of TemirBank JSC and ForteBank JSC to Alliance Bank JSC, the most complicated of all transactions in the Kazakhstan financial services sector since its establishment.

Representation of BTA Bank JSC in the restructuring of US$11.1 billion of financial indebtedness. The restructuring involved the cancellation of bonds previously issued in connection with BTA's last restructuring in consideration of which creditors where paid US$1,618 million in cash and issued US$750 million new notes and shares and GDRs of BTA Bank JSC.

Awards and Recognition

The Legal 500 2019
The Only Leading Individual (Banking, Finance and Capital Markets)

Chambers & Partners Global 2019
Corporate & Finance 
"He is a very knowledgeable and practical lawyer."
"He's very good, he's capable, he's knowledgeable."