Pavel Kornilov

Partner, Nur-Sultan


“Pavel is very helpful when we don’t know how to structure things”
“Pavel is able to provide on-the-go answers to complex questions and is instrumental in determining the perplexities between legal frameworks in Kazakhstan.”
Ranked Band 2 for Corporate & Finance, Chambers Global 2020


Pavel Kornilov is head of the Kazakhstan Capital Markets Practice Group and is based in Nur-Sultan office. He is recognised as a top-tier capital markets and debt finance lawyer with wide experience in banking, debt finance and equity and debt capital markets matters. He advises banks, investment funds, creditors, government, national companies, international and domestic clients on finance, equity and debt related transactions. 

He also has an in-depth expertise in structured products, liability management, synthetic securitizations, credit and equity derivatives, financial regulatory and corporate advice. 

Pavel is one of the few distinguished lawyers on financial arena in Kazakhstan market.

Bars and Courts
The University of Westminster


Adilet Higher Law School




Alliance Oil Company's Liability Management
Representation of Alliance Oil Company Ltd., a vertically-integrated oil and gas company which operates in Russia and Kazakhstan, on a tender offer and consent solicitation in respect of its US$500 million 7.000% Guaranteed Notes due 2020.

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.

US$10 billion MTN Programme of the Republic of Kazakhstan
Representation of Citigroup Global Markets Limited, J.P. Morgan Securities plc and HSBC Bank plc as Lead Managers on the establishment of the Republic of Kazakhstan's US$10 billion Medium Term Note (MTN) Programme and a subsequent issue of aggregate US$4 billion Notes due 2024 and due 2044; further update of the MTN Programme and issuance thereunder of €525 million 1.55% Notes due 2023 and €525 million 2.375% Notes due 2028; a series of offerings in indicative aggregate principal amount of US$1.2 billion. 

US$10.5 billion GMTN Programme of the national oil company
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 Programme and issuance thereunder of the notes in aggregate amount 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 arrangers and dealers on the update of KazMunayGas' US$10.5 billion GMTN Programme and the subsequent dual-tranche issue of US$1 billion and US$2 billion notes.

Offering of Notes by the national rail operator
Representation of joint lead managers on the offering of CHF 170 million (equivalent to approximately US$170 million) 3.25% Notes by JSC NC Kazakhstan Temir Zholy, the national rail transportation and logistics operator in Kazakhstan.

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.

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.

Sovereign Bond of Sukuk al-Idjarah
Representation of the Ministry of Finance of the Republic of Kazakhstan in relation to the drafting the legislation model for Islamic Sovereign Bond Issuance of Sukuk al-Idjarah and the relevant amendments to the existing legislation.

Petrochemical projects 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. China Development Bank Corporation Xinjiang Branch provided the financing for the project.

Representation of KLPE 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.

Awards and Recognition

Ranked Band 2 for Corporate & Finance, Chambers Global 2020

Named Leading Individual for Banking, Finance and Capital Markets by Legal 500 2017-2020

Named Notable practitioner for Banking in the IFLR1000 

Recommended for Debt & Equity and Structured Finance by Who's Who Legal 2020