Kazakhstan seeks to buy assets of sanctioned Russian oil company
Kazakhstan seeks to buy assets of Russian oil company Lukoil (photo: Getty Images)
Kazakhstan has submitted an official request to the United States to purchase the stake of Russian energy giant Lukoil in the country’s energy projects, Reuters reports.
Lukoil holds a 13% stake in the operator of Kazakhstan's Karachaganak oil field, whose reserves are currently estimated at nearly 2 billion barrels.
In addition, the Russian company holds a 5% stake in the operator of Kazakhstan's Tengiz oil field, whose reserves exceed 10 billion barrels. Lukoil also owns a stake in the Caspian Pipeline Consortium, which transports Kazakh oil to the port of Novorossiysk for export.
Kazakhstan's Energy Minister Yerlan Akkenzhenov said that his country had sent a letter to the US Office of Foreign Assets Control (OFAC). Under US sanctions, OFAC must approve the transaction.
He also emphasized that Kazakhstan has a pre-emptive right to buy back Lukoil's assets located in the country.
US sanctions against Lukoil
In October 2025, the United States imposed sanctions on two Russian oil giants, Rosneft and Lukoil. The restrictions were introduced to increase pressure on the Kremlin and force Russian President Vladimir Putin to enter negotiations with Ukraine.
Against this backdrop, several EU countries that host Lukoil-owned refineries began searching for solutions to prevent production shutdowns.
Saudi company Midad Energy has become the leading contender to purchase Lukoil's foreign assets.
In addition, US oil company Chevron and private investment firm Quantum Capital Group, founded by Texas oil magnate Wil VanLoh, submitted a joint bid to acquire the foreign assets of Russia's Lukoil.
