Lukoil plans to expand its operations in Uzbekistan, the presidential press service reported.
On October 6, President Shavkat Mirziyoyev met with Lukoil founder Vagit Alekperov.
Alekperov briefed the president on the current status of the company’s projects in Uzbekistan’s energy sector. These include geological exploration, the development of promising hydrocarbon fields and the expansion of its retail network for petroleum products.
The two sides also discussed plans to expand Lukoil’s operations in Uzbekistan.
Lukoil
In October 2025, the US Treasury imposed blocking sanctions on Lukoil, Rosneft and their subsidiaries. The department initially set November 21 as the deadline for completing financial transactions with the companies, later extending licenses for certain operations, including the purchase of goods and services for Lukoil’s overseas facilities.
Amid the sanctions, Lukoil began looking for buyers for its foreign assets. In November, Swiss company Gunvor offered to acquire them, but the US Treasury refused to approve the deal, prompting Gunvor to withdraw its offer. US companies Chevron and Quantum Capital later expressed interest. In December, Lukoil reached a preliminary agreement to sell most of its foreign assets to investment group Carlyle. The deal requires approval from OFAC and regulators in other countries.
The sanctions have also affected Lukoil’s operations in Uzbekistan. The company has invested more than $10 billion in projects in the country and participates in gas production at 13 fields jointly with Uzbekneftegaz.
In December 2025, Energy Minister Jurabek Mirzamakhmudov said Uzbekistan had hired consultants and was negotiating with the US over Lukoil’s assets, including with OFAC.
Uzbekneftegaz CEO Bakhodir Sidikov had previously said the sanctions would inevitably affect Lukoil’s operations in Uzbekistan and the implementation of joint projects, as financial transactions with the company would become more difficult. At the time, he said Uzbekistan was not considering buying the Russian company’s assets.
The English version of this material was generated with the assistance of AI translation tools and may differ slightly from the original text.
