Kazakhstan Not Negotiating Purchase of Lukoil Assets — Energy Minister
Photo: Wikimedia Commons, CC BY 3.0
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.
“We work as we have been working and will continue to work,” Akkenzhenov stated.
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
Latest news
- Kanye West Gets Almaty Stadium as FC Kairat Heads to Turkestan
- Shymbulak Cable Car Extends Summer Schedule
- National Bank Explains Why Kazakhstanis Are Bracing for Higher Prices
- Could EU Sanctions Disrupt Kazakhstan’s Electricity Supply from Russia?
- Kazakhstan Freezes NCOC Assets Over Kashagan Environmental Fine
- Colleges in Kazakhstan Allowed to Rent Out Sports Facilities
- Oil Production Limits May Be Reduced for 7 OPEC+ Countries
- China Restricts Exports to 14 EU Entities After New Sanctions
- Police Raid on Steel Plant Raises Concerns Among Chinese Investors in Kazakhstan
- Companies in Kazakhstan and Kyrgyzstan Included in New EU Sanctions Package
- U.S. Imposes Tariffs on Kazakhstan Over Its Forced Labor Import Rules
- Kazakhstan’s Oldest Botanical Garden Receives Long-Awaited Protected Status
- Astana Gets a Third of Its Monthly Rainfall in One Day
- CPC Terminal Suspends Loading Over Tanker Safety Risks
- How Much Do Kazakhstan’s Banks Charge Businesses for QR Payments?
- Company Linked to Aliya Nazarbayeva and Failed Luxury Clinic Project Liquidated in Switzerland
- Coal, Servers and Billions: How Kazakhstan Plans to Join the Global AI Race
- Billions Sent Abroad: Where Kazakhstan’s Money Transfers Go
- Fuel Smuggling Attempts Rise Amid Regional Shortages
- Kazakhstan Moves to Prevent Satellite Communications Gap
