Overview
- KMG’s chairman said the company and Lukoil are still evaluating the sanctions’ impact and have not decided on buying Lukoil’s shares in joint projects.
- Any acquisition would require exemptions or permissions that clarify what financial instruments and transactions remain allowed.
- The Kalamkas‑sea/Khazar development is not producing and would need more than $6 billion in capital expenditures, according to KMG.
- Asked whether these projects are included in Lukoil’s deal with Gunvor, KMG declined to comment, while Lukoil has agreed key terms with Gunvor and entered exclusivity.
- The U.S. sanctioned Lukoil and set a November 21 deadline to complete transactions, the EU restricted Lukoil’s Dubai trading unit Litasco, the UK also listed Lukoil, and U.S. measures exclude transactions with CPC and Tengizchevroil.