Kazakhstan is assessing potential options related to Lukoil’s participation in energy projects in the country, as the Kazakh Ministry of Energy has officially contacted the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury.

Speaking at a briefing in the Majilis, Energy Minister Yerlan Akkenzhenov clarified that the government has not made a direct proposal to Lukoil to purchase its assets, The Caspian Post reports via Kazakh media.

However, he stressed that Kazakhstan retains a preemptive right to acquire the company’s stake if it is put up for sale.

“At the end of last year, we already noted that under national legislation Kazakhstan has a preemptive right to buy Lukoil’s assets should they be offered. In this context, the Ministry of Energy submitted a relevant request to OFAC,” Akkenzhenov said.

The minister emphasized that potential buyout mechanisms remain flexible.

He noted that an acquisition would not necessarily require an immediate cash payment. Various formats are being considered, including deferred payments or financing through proceeds from raw material sales.

“There are many possible models for acquiring this package of stakes, and we are reviewing all available options,” he added.

The statement comes amid heightened attention to Kazakhstan’s strategic energy assets, following Akkenzhenov’s earlier comments on production losses linked to the recent incident at the Tengiz oil field, underscoring the government’s focus on safeguarding long-term stability in the energy sector.