KazMunayGaz is the country's operator for exploration, production, refining and transportation of hydrocarbons, representing the state interests in the oil and gas industry of Kazakhstan.

Fitch said rating based on majority state ownership, significant systemic importance, capital and liquidity support.

Kazakhstan, the world’s ninth biggest country by land mass, yet sparsely populated (19 million, or at 197th in density, one of the lowest in the world), might not be associated with the rush to “Green energy”.

The vast country, with its relatively small population, attracts about 60 percent of all capital invested in the five former Soviet Central Asian states.