ASTANA, Jan 28 (Reuters) - Kazakhstan has submitted a formal bid to the U.S. authorities to acquire Russian oil producer Lukoil’s (LKOH.MM) stakes in the country’s energy projects, Energy Minister Yerlan Akkenzhenov said on Wednesday.
Lukoil was sanctioned by the U.S. last October 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.
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.
Akkenzhenov said the government had sent a letter to the U.S. Office of Foreign Assets Control (OFAC), which, under the U.S. sanctions, must approve potential transactions.
Kazakhstan has said it holds preemption rights on buying out Lukoil.
“The energy ministry has sent the corresponding request by letter to OFAC,” the minister said.
Lukoil has until February 28 to sell its assets, under the U.S. sanctions.

CRAK

LKOD

LUKOY

Kazakhstan has formally bid to the U.S. to acquire Lukoil's stakes in its energy projects, as announced by Energy Minister Yerlan Akkenzhenov. This follows U.S. sanctions on Lukoil due to the ongoing conflict between Russia and Ukraine, which require the company to divest its overseas assets. Lukoil's interests include the Karachaganak and Tengiz oilfields and the Caspian Pipeline Consortium. Kazakhstan has preemption rights for the acquisition and has submitted a request to the U.S. Office of Foreign Assets Control, with Lukoil required to sell its assets by February 28.

Kazakhstan says it submits formal bid to US to acquire local Lukoil assets