Kazakhstan working to ensure Karachaganak project not affected by U.S. sanctions against LUKOILKazakhstan is making efforts to ensure that the development of the Karachaganak field is not affected by U.S. sanctions imposed against LUKOIL (MOEX: LKOH), which is one of the participants in the project."We are working on this," Kazakh Energy Minister Yerlan Akkenzhenov told reporters."Kazakhstan has submitted the relevant paperwork," he specified.The U.S. Treasury Department included LUKOIL on the sanctions list on October 23, issuing a license to wind down operations by November 21. At the same time, the U.S. exempted such LUKOIL projects in Kazakhstan as the Caspian Pipeline Consortium and Tengizchevroil from the sanctions.LUKOIL has been operating in Kazakhstan since 1995. It holds a 13.5% stake in the Karachaganak project.The Karachaganak field is one of the largest in the world. Oil reserves amount to 1.2 billion tonnes, and gas reserves amount to 1.35 trillion cubic meters. The Karachaganak field is being developed by the KPO international consortium under a 40-year PSA signed in 1997. The consortium comprises Shell (SPB: RDS.A) (29.25%, through its 100% affiliate BG Karachaganak Limited), Eni (29.25%), Chevron Corp. (SPB: CVX) (18%), LUKOIL (13.5%), and KazMunayGas (10%). (ICE ALMATY)

Fonte notizia: INTERFAX