LUKOIL has sought to reassure partners and regulators that its agreement with U.S. investment firm The Carlyle Group will have no impact on assets in Kazakhstan, stressing that all Kazakh projects will remain under the group’s ownership and continue operating as usual under existing licenses.

LUKOIL signed an agreement with U.S. investment firm The Carlyle Group on the sale of LUKOIL International GmbH, a wholly owned subsidiary that holds the group’s international assets, The Caspian Post reports via Kazakh media.

The company noted that the agreement with Carlyle is non-exclusive and subject to a number of conditions precedent, including obtaining all required regulatory approvals. Among them is permission from the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury for conducting the transaction with the American investor. LUKOIL also confirmed that it is continuing negotiations with other potential buyers.

LUKOIL International GmbH has been put up for sale amid restrictive measures imposed by several countries against the company and its subsidiaries, prompting a reassessment of its international asset structure.

Earlier, Kazakhstan’s Ministry of Energy had sent a letter to the Office of Foreign Assets Control (OFAC) regarding a possible buyout of LUKOIL’s stakes in projects operating within the country.