The U.S. Office of Foreign Assets Control (OFAC) has extended until 25 July its general license permitting negotiations over the sale of Lukoil’s international assets, giving potential buyers additional time to continue discussions with the Russian oil major. The authorization, which was originally set to expire on 27 June, has now been prolonged once again as talks remain ongoing.
The license allows interested parties to negotiate the purchase of Lukoil’s overseas operations, sign conditional sale agreements, and carry out necessary steps to preserve the value of assets during the negotiation process. This marks the seventh extension since the measure was first introduced after Lukoil was placed under U.S. sanctions following Russia’s invasion of Ukraine.
Lukoil announced its intention to divest a large portion of its international portfolio in October. Earlier reports suggested that the company had reached a preliminary agreement with U.S. investment firm Carlyle for assets valued at around $22 billion. Other major energy groups, including Exxon Mobil and Chevron, have also been linked as potential bidders.
Despite sanctions pressure, Lukoil remains a key player in Southeastern Europe’s downstream oil sector. Its assets in the region include Bulgaria’s only refinery, Lukoil Neftohim Burgas, the Petrotel refinery in Romania, and a retail network of more than 800 petrol stations across Bulgaria, Romania, Serbia, Croatia, Montenegro, North Macedonia, and Moldova.
OFAC has also extended several related authorizations tied to Lukoil’s non-Russian operations. These include a license valid until 29 October covering the company’s international fuel retail business, as well as a separate approval allowing certain transactions involving its Bulgarian subsidiaries, including Lukoil Neftohim Burgas, Lukoil Bulgaria, Lukoil Aviation Bulgaria, and Lukoil Bulgaria Bunker.
