Astana, 23 October. KazMunayGas is conducting due diligence on a possible purchase of Lukoil's stake in the Kalamkas-More–Khazar joint project, KMG chief executive Askhat Khassenov told journalists; the company will announce its decision once it is taken, and he did not disclose the terms of a possible deal, citing confidentiality.
Asked whether the project would pass to the national company, Khassenov said the review was under way. A possible purchase of the Russian company's assets became known as early as 2025, but the deal has still not been confirmed. Kalamkas-More–Khazar is a project to develop offshore fields in the Kazakh sector of the Caspian.
What it means: KMG does not deny interest in Lukoil's stake in the Caspian project but does not confirm a deal either: the assessment is ongoing, with no deadlines or sums.
Who benefits: Lukoil, which has to sell foreign assets because of US sanctions, and KMG, if it gets the stake on favourable terms. The terms of the deal have not been disclosed.
Background: The US Treasury extended until 21 November the licence for talks on selling Lukoil's foreign assets; the company's Kazakh projects are covered by a separate licence.
List of sources used: BES.media
Artificial intelligence was used in preparing this material.
