OMM Redaksiyası
Russian oil company Lukoil plans to expand its operations in Uzbekistan. The issue was discussed at a meeting between Uzbek President Shavkat Mirziyoyev and company founder Vahid Alakbarov.
Alakbarov briefed Mirziyoyev on the current status of Lukoil’s projects in Uzbekistan. The company is conducting geological exploration, developing promising hydrocarbon deposits and expanding its retail network for petroleum products.
The two sides reviewed plans to further expand Lukoil’s operations in Uzbekistan. The company has invested more than $10 billion in projects in the country. It produces gas at 13 fields in cooperation with Uzbekneftegaz.
US sanctions create uncertainty for projects
Lukoil’s operations in Uzbekistan have faced uncertainty since the United States imposed sanctions on the company in October 2025. The US Treasury Department imposed blocking sanctions on Lukoil, Rosneft and their subsidiaries, while issuing temporary licenses allowing certain transactions involving the companies to proceed.
The sanctions have also affected Lukoil’s international operations and prompted the company to seek buyers for its foreign assets. After attracting interest from potential buyers, Lukoil reached a preliminary agreement in December 2025 to sell most of its foreign assets to investment group Carlyle. The deal requires approval from the US Office of Foreign Assets Control (OFAC) and regulators in other countries.
Tashkent held talks with US over assets
The sanctions have also created difficulties for Lukoil’s projects in Uzbekistan, particularly by complicating financial transactions with the company.
Uzbek Energy Minister Jurabek Mirzamakhmudov said in December 2025 that the country had hired advisers and held discussions with the United States, including OFAC, regarding Lukoil’s assets.
Uzbekneftegaz Chairman Bakhodir Sidikov had earlier said the sanctions would affect Lukoil’s operations in Uzbekistan and the implementation of joint projects. At the time, he said Uzbekistan was not considering buying the Russian company’s assets.
The latest meeting between Mirziyoyev and Alakbarov indicates that the two sides discussed the future development of Lukoil’s presence in Uzbekistan.
