Negotiations over the sale of international assets held by Lukoil have been granted additional time after the Office of Foreign Assets Control (OFAC) extended the deadline for potential buyers to continue discussions until May 30. This move provides breathing room for ongoing talks, reflecting the complexity of the deal and regulatory oversight.
The extension enables interested parties to continue working on agreements related to the possible divestment of Austria-based Lukoil International, including entities where it holds majority stakes. It also covers operational continuity measures, such as maintenance and gradual wind-down activities tied to these assets, ensuring stability during the transition process.
This is now the fifth postponement since sanctions were imposed by the US Treasury in October in response to Russia’s war in Ukraine. The repeated extensions underline both the intricacy of the transaction and sustained interest from international investors seeking entry into strategic energy markets.
Lukoil continues to maintain a significant presence in southeastern Europe, including critical infrastructure such as the Lukoil Neftohim Burgas refinery—the only refinery in Bulgaria—and the Petrotel refinery. Its regional footprint also spans fuel distribution networks across Serbia, Croatia, Montenegro, Moldova, and North Macedonia, along with multiple storage facilities, highlighting its strong operational reach in the region.
Earlier in April, US authorities separately extended a license allowing Lukoil’s retail stations outside Russia—covering more than 800 locations in southeastern Europe—to remain operational until late October. Additional authorizations also include certain transactions involving its Bulgarian subsidiaries, such as refining, aviation fuel supply, and bunker services, ensuring continued energy supply stability.
Back in January, Lukoil announced an agreement to sell a large portion of its international portfolio, reportedly valued at around $22 billion, to Carlyle. Other major energy companies, including ExxonMobil and Chevron, have also been mentioned as potential bidders, signaling strong competition and strategic interest in acquiring these assets.
