Kazakhstan denies talks to buy Lukoil’s local assets amid sanctions pressure
Kazakhstan’s energy minister has denied reports that the government is in talks to acquire Lukoil’s assets in the country, despite Russian media suggesting negotiations were underway.
Energy Minister Yerlan Akkenzhenov said on Monday that no discussions are taking place about purchasing stakes held by the sanctioned Russian oil major. Earlier, the head of state-owned KazMunayGas was quoted as saying talks were in progress, News.Az reports, citing Reuters.
Lukoil currently owns stakes in major Kazakh energy projects, including the Karachaganak and Tengiz oilfields, as well as the Caspian Pipeline Consortium, which transports most of Kazakhstan’s oil to Russia’s Novorossiysk port.
The U.S. sanctioned Lukoil last month, prompting the company to consider selling off overseas assets. Akkenzhenov said any discussions related to the issue have been postponed until mid-December, adding that all joint projects with Lukoil are operating normally.
Kazakhstan, a key global energy supplier, produces about 2% of the world’s daily oil output.
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