Lukoil was placed under U.S. sanctions in October, a move Washington said was linked to stalled peace efforts between Russia and Ukraine. The sanctions require the company to divest its overseas assets, including major holdings in Kazakhstan, News.Az reports, citing Reuters.
Lukoil currently owns stakes in the Karachaganak and Tengiz oilfields, as well as in the Caspian Pipeline Consortium, a critical route that transports most of Kazakhstan’s oil to the Russian port of Novorossiysk for export.
Akkenzhenov confirmed that Kazakhstan’s Energy Ministry has sent an official letter to the U.S. Office of Foreign Assets Control (OFAC), which must authorize any transaction involving sanctioned entities. Kazakhstan has also stated it holds preemption rights to purchase Lukoil’s local assets.
Under the U.S. sanctions framework, Lukoil has until February 28 to complete the sale of its foreign holdings.
