Russian oil company Lukoil plans to expand its activities in Uzbekistan, with potential areas including geological exploration, hydrocarbon development and retail fuel sales. The plans were discussed during a meeting between President Shavkat Mirziyoyev and Lukoil founder Vagit Alekperov.
Alekperov briefed Mirziyoyev on the current state of Lukoil’s projects in Uzbekistan. The company is carrying out geological exploration and developing promising hydrocarbon fields in the country. It is also involved in expanding its retail network for petroleum products.
The sides discussed plans to further expand Lukoil’s activities in Uzbekistan. Lukoil has invested more than $10 billion in projects in the country. It also produces gas at 13 fields in cooperation with Uzbekneftegaz.
Lukoil’s operations in Uzbekistan have faced uncertainty following U.S. sanctions imposed on the company in October 2025. The U.S. Treasury introduced blocking sanctions against Lukoil, Rosneft and their subsidiaries, while allowing certain transactions involving the companies under temporary authorisations.
The sanctions also affected Lukoil’s international operations and prompted the company to look for buyers for its overseas assets.
Several potential buyers have since shown interest. Lukoil reached a preliminary agreement in December 2025 to sell most of its foreign assets to investment group Carlyle. The transaction requires approval from the U.S. Office of Foreign Assets Control and regulators in other countries.
The sanctions have also created challenges for Lukoil’s projects in Uzbekistan, particularly because financial transactions with the company have become more difficult.
In December 2025, Uzbekistan’s Energy Minister Jurabek Mirzamakhmudov said the country had hired consultants and was holding discussions with the United States, including OFAC, over Lukoil’s assets.
Uzbekneftegaz Chairman Bakhodir Sidikov previously said the sanctions would inevitably 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 Alekperov indicates that the two sides are now discussing the further development of Lukoil’s presence in Uzbekistan.
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