The US Treasury has extended the period during which companies can negotiate the acquisition of Lukoil’s international assets, giving prospective buyers until 22 August 2026 to progress discussions with the sanctioned Russian oil producer.
The authorization, issued by the US Treasury’s Office of Foreign Assets Control, had been due to expire on 25 July. It permits potential buyers to conduct due diligence, negotiate conditional agreements and carry out activities needed to preserve the assets while talks continue. The latest decision represents the eighth extension granted since Lukoil announced its intention to dispose of overseas operations.
The process carries particular significance for Southeast Europe, where Lukoil owns strategically important refining, wholesale and retail infrastructure. Its portfolio includes the Lukoil Neftohim Burgas refinery in Bulgaria, the Petrotel refinery in Romania and more than 800 petrol stations across Bulgaria, Romania, Serbia, Croatia, Montenegro, Moldova and North Macedonia.
Lukoil previously said it had reached an agreement to sell most of its international operations to US investment group Carlyle in a transaction reportedly valued at around $22 billion. Other international energy companies, including ExxonMobil and Chevron, have also been associated with interest in selected assets.
The changing deadline illustrates the difficulty of completing a large cross-border disposal while sanctions, regulatory approvals and national energy-security concerns remain unresolved. The refineries in Bulgaria and Romania are not merely financial assets: they form part of the region’s fuel-supply infrastructure, and any ownership transfer would require close scrutiny by national governments and competition authorities.
OFAC has separately extended authorization for Lukoil’s international filling-station network to continue operating until 29 October 2026. Specific transactions involving the group’s Bulgarian subsidiaries also remain permitted under separate sanctions-related arrangements.
For Southeast European governments, the prolonged sale process reduces the immediate risk of an operational interruption but leaves ownership and future investment decisions unsettled. Refinery maintenance, crude-supply arrangements, working-capital lines and fuel-retail continuity will remain sensitive until buyers, financing and regulatory approvals are firmly in place.
