Kazakhstan ready to acquire Lukoils stake in its oil and gas assets

Kazakhstan has submitted a formal bid to the U.S. authorities to acquire Russian oil producer Lukoil's in the country's energy projects, Kazakh Energy Minister Yerlan Akkenzhenov said.

He said the government had sent a letter to the U.S. Office of Foreign Assets Control (OFAC), which, under the U.S. sanctions, must approve potential transactions.

"The energy ministry has sent the corresponding request by letter to OFAC," Akkenzhenov said.

Lukoil was sanctioned by the U.S. last October The move has forced the oil major to dispose of its overseas assets. Lukoil has until February 28 to sell its assets, under the U.S. sanctions.