Reuters: Chevron Weighs Bid for Lukoil’s Foreign Assets
Photo: Kpo.kz
US energy giant Chevron is considering the possible purchase of Lukoil’s foreign assets, including stakes in major Kazakh oil and gas projects, Orda.kz reports, citing Reuters.
Sanctions imposed in October forced Lukoil to begin divesting parts of its overseas business. Last week, the US Treasury issued a license allowing potential buyers to hold negotiations with the company despite ongoing restrictions.
Reuters reports that Chevron is examining assets where it already partners with Lukoil — most notably stakes in Kazakhstan’s Karachaganak (13.5%) and Tengiz (5%) fields. These projects also involve Eni, Shell, and ExxonMobil.
In addition to Chevron, the investment firm Carlyle is also studying a potential acquisition of Lukoil’s global properties. These include three European refineries, stakes in oil projects in Iraq, Uzbekistan, Egypt, Mexico, and Nigeria, and hundreds of fuel stations around the world — including in the United States.
Rumors had circulated that KazMunayGas (KMG) was in talks to acquire Lukoil’s stake in the Karachaganak project.
However, the national company denied this:
Reports suggesting that KazMunayGas may buy Lukoil’s stake in the Karachaganak project are not true. At the same time, KMG and its partners are continuously analyzing the impact of sanctions on the project,
the company clarified.
A day earlier, Energy Minister Yerlan Akkenzhenov stated that the government is not discussing any purchase of Lukoil assets. He noted that major projects — Karachaganak, Tengiz, and CPC — were removed from the sanctions list, allowing operations to continue. Decisions about Lukoil’s overseas holdings have been postponed until mid-December, during which time the company must decide its own strategy.
As previously reported, US and UK sanctions could halt operations at Lukoil’s refinery in Burgas, Bulgaria — the company’s largest foreign asset.
KMG had earlier explored buying the plant. Bulgaria is currently experiencing a fuel shortage, and analysts believe that a sale could open the door for Kazakhstan’s crude to enter the European market.
The refinery can process up to 196,000 barrels per day and is compatible with Kazakh oil.
Original Author: Ruslan Loginov
Latest news
- Kazakhstan to Train White Hat Hackers and AI Engineers to Protect Energy Infrastructure
- Middle East Conflict Puts Kazakhstan-Iran Joint Projects on Hold
- Kazakhstanis’ Spending on Pet Treatment Has Nearly Tripled
- Kazakhstan and the UK to Develop Rare Earth Metals Cooperation
- Moldova Sets Date for Formal Exit From the CIS
- Kazakhstan Ratifies Amendments to Legal Assistance Conventions
- South Korea to Import Oil From Kazakhstan, but Saudi Arabia Remains the Main Supplier
- Kazakhstan Remains Vulnerable to Mudflows, Deputy Says
- Russia and Azerbaijan Agree on Compensation After AZAL Crash Near Aktau
- U.S.-Kazakhstan Talks in Washington Focus on Economy and Regional Issues
- Kazakhstan Khalkyna Foundation Expands Support for Healthcare, Education and Sports
- Former Massimov Son-in-Law Loses Terminal at Dostyk Station
- Bathing in the Pond and Damaging Trees: Almaty Botanical Garden Tightens Rules After Vandalism
- Kazakhstan Announces Launch of New Political Party Adilet Ahead of Kurultai Elections
- Government Decides Fate of Hundreds of Thousands of Hectares of Former Semipalatinsk Test Site
- Deputies Want Firefighters Given Power to Break Through Barriers and Blocking Cars
- Kazakhstan to Create National Rating Agency
- Less Than 1% of Employees in Kazakhstan Work Remotely
- Air Astana and FlyArystan Fined for Submitting Inaccurate Aviation Fuel Data
- Chinese Tourist Arrivals in Kazakhstan Rose Sharply in 2025, Analysts Say
