U.S. extends license for Lukoil asset sales
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) extended a license, allowing negotiations regarding the sale of foreign assets of the oil company 'Lukoil', until September 19.
Consensus
- The U.S. Office of Foreign Assets Control (OFAC) extended a license until September 19 for negotiations and conditional agreements regarding the sale of Lukoil's foreign assets.
- The license allows talks and agreements involving LUKOIL International GmbH or its controlled companies.
- Final transactions require separate OFAC approval.
- The license was previously set to expire on August 22.
- Lukoil owns foreign assets through LUKOIL International GmbH.
Points of divergence
- OFAC imposed sanctions on Lukoil and several of its subsidiaries on October 22, 2025. — interfax
- Lukoil received an offer to buy its assets from the international commodity trader Gunvor, with key terms agreed, but the deal was not approved by the U.S. Department of the Treasury. — interfax
- In January 2026, Lukoil signed an agreement with the American investment company Carlyle for the sale of LUKOIL International GmbH, pending OFAC approval. — interfax
- Transactions involving Lukoil's gas stations outside Russia and its Bulgarian assets were approved until October 29, 2026. — interfax
- Sanctions do not affect oilfield services related to the Tengizchevroil and Karachaganak projects. — interfax
- As of the time of sanctions, Lukoil was involved in projects in Azerbaijan, Kazakhstan, Uzbekistan, Iraq, Egypt, Cameroon, Nigeria, Ghana, Mexico, UAE, and the Republic of Congo. — interfax
- Lukoil owns refineries in Bulgaria, Romania, and the Netherlands, and a network of about 2,500 gas stations in 19 countries. — interfax
- Proven oil and gas reserves from Lukoil's international projects at the end of 2024 totaled 1.345 trillion barrels of oil equivalent. — interfax
- International oil and gas production by Lukoil in 2024 was 3.9 million tons of oil and gas condensate (excluding West Qurna-2 project) and 16.2 billion cubic meters of gas. — interfax
- Refinery processing volume at European refineries of the group in 2024 was 13.5 million tons, down 18% from the previous year due to the sale of ISAB refinery in Italy in May 2023. — interfax
- International retail sales of oil products by Lukoil in 2024 were at 4.2 million tons. — interfax
- Lukoil fully wrote off its investment in LIG and recognized a loss from impairment of 1.66 trillion rubles by the end of 2025. — interfax
Coverage (2 sources)
- OFAC extended license for sale of foreign assets of Lukoil — Ведомости
- USA extended license for sale of Lukoil assets until September 19 — Интерфакс