UK Grants Sanctions Exemption to Lukoil Projects in Kazakhstan
Photo: Tengizchevroil
The UK Treasury has exempted Lukoil PJSC projects in Kazakhstan from financial sanctions. A day earlier, the United Kingdom had added the Russian oil and gas company to its sanctions list, Orda.kz reports.
The list of Lukoil projects not covered by British restrictions includes:
- Caspian Pipeline Consortium (CPC) — the main export route for Kazakh oil
- Tengizchevroil, in which Lukoil holds a 5% stake
- Karachaganak Petroleum Operating, where the company owns 13.5%
According to the UK Treasury, the sanctions waiver will be valid from October 15, 2025, to October 14, 2027. Lukoil’s projects in Azerbaijan will also be exempt from UK financial restrictions.
Lukoil, which participates in the development of Tengiz, Karachaganak, as well as the Kalamkas-Sea and Khazar fields in western Kazakhstan, was placed under UK sanctions on October 15. The restrictions were introduced due to the company’s critical role in the Russian economy.
President Qasym-Jomart Toqayev had recently congratulated Vagit Alekperov, one of Russia’s most influential oil magnates and Lukoil’s principal co-owner, on the company’s 30th anniversary of operations in Kazakhstan and presented him with the Order of Barys, First Class.
Original Author: Nikita Drobny
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