Astana: Kazakhstan’s oil and gas corporation, KazMunayGas, and Russia’s Lukoil are currently evaluating the implications of imposed sanctions on their collaborative ventures.

According to Azeri-Press News Agency, this assessment process is being conducted with a focus on legal, financial, and technical aspects, as highlighted by statements from KazMunayGas.

The companies have indicated that their ongoing projects are proceeding according to the established procedures and in compliance with Kazakhstan’s current legislation and contractual commitments. They emphasized that all agreements include a sanction clause, defining operational rules under restrictive measures, though the specifics of these terms remain confidential.

The U.S. Department of the Treasury recently included Lukoil and its subsidiaries in a new sanctions package, while the United Kingdom followed suit in mid-October. However, these sanctions do not affect operations with the Caspian Pipeline Consortium, Tengizchevroil, the Karachaganak field in Kazakhstan, or the Shah Deniz field in Azerbaijan.

Following the imposition of these sanctions, Lukoil announced its plan to divest its international assets. The company has initiated the process of reviewing proposals from potential buyers. Notably, Lukoil has received an acquisition offer from the international energy group, Gunvor Group, for its foreign assets, specifically LUKOIL International GmbH. The primary terms of this agreement have been preliminarily determined.