From Egypt to Kazakhstan, the foreign assets of Russian oil major Lukoil LKOH.MM are attracting potential bidders as time runs out to clear deals before U.S. authorities enforce sanctions…
From Egypt to Kazakhstan, the foreign assets of Russian oil major Lukoil LKOH.MM are attracting potential bidders as time runs out to clear deals before U.S. authorities enforce sanctions.
The U.S. has hit Lukoil with sanctions as part of its effort to bring the Kremlin to peace talks over Ukraine, and has already blocked Lukoil's attempt to sell foreign assets to trader Gunvor ahead of the November 21 sanctions deadline.
The sanctions have also already disrupted Lukoil's operations in Iraq, at pump stations in Finland and a refinery in Bulgaria.
As its empire creaks, governments and partners are hoping to snap up its foreign assets on the cheap. Lukoil didn't reply to requests for comment.
Bidders Circle
Kazakhstan's state firm KazMunayGas is studying a bid for Lukoil's assets in the country, said two sources familiar with the matter.
Lukoil has a stake in Karachaganak, one of the world's largest gas and condensate fields, with Eni ENI.MI, Shell SHEL.L, Chevron CVX.N and KazMunayGas KMGZ.KZ.
Any new partnership will be decided by the project's participants, taking into account the sanctions, Kazakhstan's energy ministry said in a statement.
Shell is interested in Lukoil's deepwater blocks in Ghana and Nigeria, two
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