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Kazakhstan has formally notified the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) about its preferential right to purchase assets belonging to Russia's Lukoil within the country. This communication, sent in late January, marks a significant political step concerning international sanctions and the future of the Russian company's holdings.

The Ministry of Energy of the Republic of Kazakhstan emphasized that the notification was purely informational and did not require a response from OFAC. Kazakhstan's pre-emptive rights to acquire Lukoil's stakes are enshrined in national legislation, specifically the Code on Subsoil and Subsoil Use.

Terms of Asset Acquisition

While the specific terms of the potential acquisition have not yet been disclosed, the ministry indicated that the transaction could involve non-monetary considerations. Concurrently, the national oil company KazMunayGas is reportedly in negotiations with Lukoil regarding these assets. Lukoil itself has not yet provided any official statements regarding the fate of its stakes.

Lukoil's Presence in Kazakhstan

In Kazakhstan, Lukoil holds significant stakes in major energy projects, including a 5% share in the Tengiz field development, a 13.5% share in Karachaganak, and a 50% share in the Kalamkas-Sea – Khazar project. The company also operates an oil refinery in the Almaty region. Previously, these assets were not considered part of potential divestment discussions.

International Interest and Sanctions

Following U.S. sanctions imposed on Lukoil and Rosneft, numerous international companies and investors expressed interest in Lukoil's foreign assets. These included major players like Chevron and ExxonMobil from the U.S., ADNOC from the UAE, IHC, and Saudi Arabia's Midad Energy. Currently, Midad Energy is considered a leading contender for acquiring Lukoil's foreign subsidiaries.

This information was reported by Infohub.kz.