Kazakhstan Not Negotiating Purchase of Lukoil Assets — Energy Minister

Kazakhstan is not in talks to acquire Lukoil’s assets in the country, Energy Minister Yerlan Akkenzhenov said, Orda.kz reports.

The minister noted that the major oil and gas projects involving Russian participation — Karachaganak (KPO), Tengizchevroil (TCO), and the Caspian Pipeline Consortium (CPC) — have been removed from the list of sanctioned assets.

As a result, their operations are not currently at risk.

According to him, the issue of Lukoil’s assets has been postponed until mid-December, by which point the company must resolve its own questions regarding future operations. He emphasized that the Kazakh government is not negotiating the purchase of Russian assets.

Earlier, it was reported that KazMunayGas was considering buying Lukoil’s 13.5% stake in the Karachaganak project, valued at around $1 billion.

In late October, Lukoil agreed to sell its foreign assets to Switzerland’s Gunvor Group, but the deal collapsed after the U.S. Treasury accused Gunvor of links to the Kremlin. The company rejected the allegations but withdrew its offer.

At the time, experts said the failed deal could open the door for Western or local buyers — including KazMunayGas, which holds a priority right of purchase. Analysts believe a sale would be less risky for Lukoil than attempting to operate under tightening sanctions, while Kazakhstan could use the opportunity to strengthen its position in key oil and gas projects.

Original Author: Ruslan Loginov