U.S. lifts sanctions on Kazakhstan’s oil and gas projects

ASTANA, Kazakhstan, November 15. The U.S. has
lifted sanctions on the Caspian Pipeline Consortium (CPC),
Tengizchevroil (TCO), and the Karachaganak oil subject in Kazakhstan,
tied to Russian vitality giants Rosneft and Lukoil, Pattern reviews through the U.S.
Workplace of International Property Management (OFAC).

The sanctions imposed in October on Rosneft, Lukoil, and their
subsidiaries had been partially relaxed by way of the issuance of Common
License No. 124B. This license permits U.S. corporations to renew
companies and transactions associated to those vital vitality
initiatives, although it particularly prohibits the sale or switch of
possession stakes in any of the ventures.

Lukoil holds a 5 p.c stake within the Tengizchevroil consortium
and a 13.5 p.c curiosity within the operator of the Karachaganak
subject, amongst different holdings. Rosneft, in the meantime, owns a 7.5 p.c
share within the Caspian Pipeline Consortium.