Energy Ministry submits request to U.S. on potential buyout of Lukoil’s assets
The Ministry of Energy has sent a letter to the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury regarding the potential buyout of Lukoil’s share in projects in Kazakhstan, Qazinform News Agency reports.
At a briefing in the Majilis, Minister of Energy Yerlan Akkenzhenov stated that the Government had not approached Lukoil with a proposal to purchase its assets. However, he reminded that Kazakhstan holds a preemptive right to buy out the company’s stake.
“At the end of last year, we already noted that under the law, Kazakhstan holds a preemptive right to acquire Lukoil’s assets should they be offered for sale. In this regard, the Ministry of Energy has submitted a corresponding request to OFAC,” the minister said.
He clarified that the buyout options may vary.
“They do not necessarily have to be tied to immediate cash payment at the time of acquisition. There are different forms of purchasing this package of stakes, including deferred payment or payment from proceeds of raw material sales. There are many options, and we are considering all of them,” Akkenzhenov added.
Earlier, Akkenzhenov commented on the consequences of the incident at the Tengiz field.