Published by Global Banking & Finance Review®
Posted on November 17, 2025
2 min readLast updated: January 21, 2026
Kazakhstan's government is not negotiating with Lukoil over local assets, despite sanctions affecting Lukoil's operations in the region.
ASTANA (Reuters) -Kazakhstan's government is not holding talks with Russian oil major Lukoil about buying the company's Kazakh assets, Energy Minister Yerlan Akkenzhenov said on Monday.
Earlier, Russian state media had cited the head of Kazakhstan's state-owned oil and gas company KazMunayGas as saying the company was in talks about Lukoil's assets in Kazakhstan.
The Russian oil group holds stakes in Kazakhstan's Karachaganak and Tengiz oilfields, as well as in the Caspian Pipeline Consortium, which carries the bulk of Kazakhstan's oil to the Russian port of Novorossiysk for export.
"The government is not negotiating the purchase of Lukoil's assets," Akkenzhenov told reporters.
Lukoil was sanctioned by the U.S. last month in what Washington said was a response to slow progress in peace talks between Russia and Ukraine. The move has forced the oil major to dispose of its overseas assets.
"Regarding negotiations regarding Lukoil's assets, the issue has been postponed until mid-December, if I'm not mistaken," Akkenzhenov said. Kazakh energy projects in which Lukoil holds stakes continued to operate as normal, he added.
Kazakhstan, a major energy producer, accounts for around 2% of daily global oil supply.
(Reporting by Tamara Vaal; Writing by Felix Light; Editing by Mark Trevelyan and Jan Harvey)
Lukoil is a major Russian oil company involved in the exploration, production, and distribution of oil and gas. It operates in several countries, including Kazakhstan, where it holds stakes in significant oilfields.
Sanctions are restrictive measures imposed by countries or international organizations to influence a nation's behavior. They can include trade restrictions, asset freezes, and other economic penalties.
The Caspian Pipeline Consortium is a major oil pipeline that transports oil from Kazakhstan to the Russian port of Novorossiysk for export. It plays a crucial role in the region's oil transportation infrastructure.
KazMunayGas is Kazakhstan's state-owned oil and gas company, responsible for the exploration, production, and transportation of hydrocarbons in the country. It plays a key role in Kazakhstan's energy sector.
The Tengiz oilfield is one of the largest oil fields in Kazakhstan, known for its significant oil reserves. It is operated by a consortium that includes Lukoil and other international partners.
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