The company was established on June 29, 1992 for the construction of a small-capacity plant for processing unstable gas condensate with a capacity of 400 thousand tons per year at the Karachaganak oil and gas condensate field. The plant was built and put into pilot operation in August 1998.

The main activity of JSC "Condensate" is the processing of hydrocarbon raw materials and the production of various types of fuels.

The company includes the following production facilities:

- a fuel production plant located on the territory of the Karachaganak oil and gas condensate field, Burlin district, West Kazakhstan region, with the ability to process 850 thousand tons of raw materials per year;

- oil depots located in Aksai, Burlin district and Uralsk, West Kazakhstan region, which receive, discharge, fill, store, and release petroleum products by rail and road.

The company has established the production and sale of the following products:

- heavy distillate liquid fuel (ST AO 15336125-07-2009);

- straight-run gas oil fraction (ST AO 15336125-03-2009);

- naphtha straight-run (ST AO 15336125-04-2009);

- the residue of atmospheric distillation (ST AO 921040000053-11-2010).

- unleaded gasoline grades Ai-92 and AI-95 environmental class K5 in the amount of up to 220 thousand tons per year;

- fuel gas in the amount of up to 32 million m³ per year;

- sulfur in the amount of 800 tons per year.

The company also introduced a project for the construction of a vacuum distillation section. The implementation of the project increased the output of light and non-light products of the plant to 90% due to an increase in the output of diesel fuel and the production of vacuum gas oil.

The company's long-term plan is to create a gas chemical complex at the Karachaganak field.

The concept of the proposed gas chemical complex is based on the use of stabilization and separation gases pumped back into the formation by the KPO to maintain internal pressure, for processing and production of demanded products.