The United States has extended the deadline for negotiations regarding the sale of Lukoil’s foreign assets. Under a general license issued by the Office of Foreign Assets Control (OFAC), purchase agreements for the Russian company’s international holdings can now be finalized until 17 January 2026. This extension applies solely to transactions that explicitly require separate OFAC authorization for execution.
The move comes after sanctions were imposed in late October on Lukoil and Rosneft, aimed at limiting Russia’s ability to finance its war in Ukraine. Shortly after, Lukoil announced plans to divest its international portfolio, revealing that it had accepted an offer from Swiss commodities trader Gunvor.
However, in early November, Gunvor withdrew its bid following signals from the US that a license permitting the acquisition would not be granted. In mid-November, the Treasury had previously issued a shorter extension, moving the deadline to 13 December, before announcing the latest extension.
Lukoil’s Vienna-based international subsidiary owns refineries in Bulgaria, Romania, and the Netherlands, as well as stakes in oil fields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, and Nigeria. It also operates a network of fuel stations in 20 countries. Reuters estimates the value of these global assets at around 22 billion euros, with numerous companies reportedly interested in acquiring parts of the portfolio.
Potential buyers reportedly include US energy giants Chevron and ExxonMobil, investment firm Carlyle, Abu Dhabi National Oil Company (ADNOC), and the UAE’s International Holding Company. Unnamed sources also indicated that Hungarian MOL has expressed interest to US officials, particularly in acquiring Lukoil’s European refineries, petrol station networks, and stakes in oil fields located in Kazakhstan and Azerbaijan.
