The US Treasury has extended the timeframe for companies to negotiate the acquisition of Lukoil international assets, with discussions now set to run until 22 August 2026. The extension applies to the sanctioned Russian oil producer’s overseas disposal process. The authorization had previously been scheduled to expire on 25 July.
The authorization was issued by the US Treasury’s Office of Foreign Assets Control and allows potential buyers to conduct due diligence, negotiate conditional agreements and carry out activities needed to preserve the assets while talks continue. The latest decision is the eighth extension granted since Lukoil announced its intention to dispose of overseas operations.
Southeast Europe refining and retail assets in the disposal scope
The extended window is significant for Southeast Europe, where Lukoil holds refining, wholesale and retail infrastructure. The company’s portfolio includes the Lukoil Neftohim Burgas refinery in Bulgaria and the Petrotel refinery in Romania. It also operates more than 800 petrol stations across Bulgaria, Romania, Serbia, Croatia, Montenegro, Moldova and North Macedonia.
Lukoil previously stated it had reached an agreement to sell most of its international operations to US investment group Carlyle. The transaction was reportedly valued at around $22 billion. Other international energy companies, including ExxonMobil and Chevron, have also been linked to interest in selected assets.
OFAC authorizations cover asset preservation and station operations
The US Treasury’s updated deadline reflects the challenges involved in completing a large cross-border disposal amid sanctions and regulatory requirements. National energy-security concerns are also part of the wider context for any transfer of ownership. The refineries in Bulgaria and Romania are described as part of the region’s fuel-supply infrastructure rather than purely financial holdings.
OFAC has separately extended authorization for Lukoil’s international filling-station network to continue operating until 29 October 2026. Specific transactions involving Lukoil’s Bulgarian subsidiaries also remain permitted under separate sanctions-related arrangements. For governments in Southeast Europe, the prolonged sale process lowers immediate risk of an operational interruption while leaving ownership and future investment decisions unresolved.
Refinery maintenance, crude-supply arrangements, working-capital lines and fuel-retail continuity are expected to remain sensitive until buyers, financing and regulatory approvals are in place.
