KazMunayGas is discussing with Lukoil about its assets in Kazakhstan, with a decision expected by the end of November, in the context of the sanctions imposed by the USA.

KazMunayGas, the national oil and gas company of Kazakhstan, is in discussions with the Russian oil group Lukoil regarding its assets in Kazakhstan, according to statements by Nurlan Zhakupov, the chairman of the board of the sovereign wealth fund Samruk-Kazyna. Although specific details cannot be discussed, Zhakupov mentioned that consultants from both companies are working together, considering the existing partnerships. A decision is expected by the end of November, in the context of sanctions imposed by the US and the UK on Russian oil companies, including Lukoil.

Lukoil has a diversified international presence, with operations in former Soviet countries and other regions, but their share in total oil production was only 5% last year. The company focuses more on international trading operations, having an extensive network of gas stations and refineries in Europe, including the Petrotel refinery in Romania.