Kazakhstan’s government is not currently engaged in any negotiations to acquire the assets of Russian oil company Lukoil in the country, Energy Minister Yerlan Akkenzhenov stated during a press briefing. His comments came in response to earlier reports from Russian media claiming that KazMunayGas, Kazakhstan’s state-owned oil and gas company, had begun discussions with the Russian group.
Uncertainty around KazMunayGas statements
Previous reports suggested a possible deal involving Lukoil’s stakes in major Kazakh energy projects, including the Karachaganak and Tengiz oilfields, as well as the Caspian Pipeline Consortium (CPC). The CPC plays a key role in Kazakhstan’s oil exports, linking production sites to the Russian Black Sea port of Novorossiysk.
Yerlan Akkenzhenov stated that “the government is not negotiating the purchase of Lukoil’s assets,” while adding that any review of the matter would be postponed until mid-December. He also noted that energy projects involving Lukoil in Kazakhstan continued to operate normally, despite recent sanctions imposed by the United States on the Russian company.
Lukoil under pressure from US sanctions
Lukoil is under increasing pressure to scale back its international presence following its designation on the US sanctions list. The move, described as a response to the slow progress in peace talks between Russia and Ukraine, is forcing the group to consider the divestment of several overseas assets, including those in Central Asia.
Kazakhstan, which accounts for around 2% of the world’s crude oil supply, remains a key platform for international energy operators. In this context, the Kazakh authorities’ clarification on the absence of formal talks with Lukoil helps maintain relative stability around its strategic infrastructure.
