Kazakhstan plans to buy out Lukoil's stake

This was reported by Reuters with reference to Kazakhstan's Energy Minister Yerlan Akkenzhenov.

Lukoil has stakes in the Karachaganak and Tengiz oil fields in Kazakhstan, as well as in the Caspian Pipeline Consortium, which transports oil from Kazakhstan to the port of Novorossiysk for export.

Tengiz is one of the largest oil fields in the country, with production volumes in 2025 exceeding 39 million tonnes, according to Naftorink.

According to the agency, Lukoil must sell all its foreign assets by 28 February in accordance with sanctions imposed by the US in October 2025.

The relevant application must be reviewed by the US Office of Foreign Assets Control, which is authorised to review and approve possible transactions involving the assets of companies under sanctions.

Source: Economic Pravda, Reuters