Kazakhstan Approaches OFAC Over Potential Buyout Of LUKOIL's Assets

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, January 28. Kazakhstan has submitted an official request to the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury regarding the potential buyout of LUKOIL's stakes in energy projects in the country, Energy Minister Yerlan Akkenzhenov said during a briefing following a parliamentary session, Trend reports.

The minister stated that should LUKOIL opt to divest its assets in Kazakhstan, the nation possesses the legal authority to activate its preemptive purchase option.

LUKOIL holds stakes in several major energy projects in Kazakhstan. According to information published on the official website, the company joined the Karachaganak oil and gas condensate field project in 1997. The field, located in the West Kazakhstan region, is one of the world's largest oil and gas condensate fields. The project operator is Karachaganak Petroleum Operating B.V.; LUKOIL's stake amounts to 13.5%.

LUKOIL also participates in the Tengiz project, which includes the Tengiz and Korolevskoye fields located in the Atyrau region, around 150 kilometers from the city of Atyrau. The operator of the project is Tengizchevroil LLP, with LUKOIL (through LukArco) holding a 5% stake.

In addition, LUKOIL owns a 12.5% stake in the Caspian Pipeline Consortium (CPC). The CPC pipeline runs from the Tengiz field to Novorossiysk in Russia, crossing Kazakhstan's Atyrau region and four Russian regions: Astrakhan, the Republic of Kalmykia, Stavropol Territory, and Krasnodar Territory.

It also operates the LUKOIL Lubricants Central Asia plant located in Kazakhstan's Almaty region.

The U.K. (on October 15) and the U.S. (on October 22) included LUKOIL in their sanctions lists. Following this, LUKOIL announced its intention to sell its international assets. At the same time, OFAC exempted the Caspian Pipeline Consortium and Tengizchevroil from sanctions.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is responsible for the administration and enforcement of economic and trade sanctions aligned with U.S. foreign policy and national security objectives. It focuses on international entities, governments, extremist groups, drug dealers, and individuals posing risks to U.S. security, employing measures like asset freezes and trade limitations.

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