Lukoil Plans to Sell International Assets Following U.S. Sanctions

Russian group Lukoil announced on Monday that it intends to sell its international assets “due to the introduction of restrictive measures against the company and its subsidiaries by some countries,” says an announcement on the group’s website. The company added that it has begun considering offers from potential buyers.   “PJSC “LUKOIL” informs that owing to introduction of restrictive measures against the Company and its subsidiaries by some states the Company announces its intention to sell its international assets. The consideration of bids from potential purchasers has been started.The sale of the assets is conducted under OFAC wind down license. If necessary the Company plans to apply for extension of the license to ensure uninterrupted operations of its international assets,” Lukoil says.   Last week, Donald Trump imposed sanctions on the two major Russian oil companies, Rosneft and Lukoil. At the time, the Treasury Secretary stated that the measure was taken after Vladimir Putin refused to “end this senseless war,” and also emphasized that the U.S. is prepared to take additional measures and is calling on allies “to join us and comply with these sanctions.”   Lukoil operates 750 sales points in several European countries, including Romania, Moldova, Bulgaria, Croatia, North Macedonia, Montenegro, and Serbia. In Romania, it owns 320 service stations and a refinery in Ploiesti, which it purchased in 1998, according to information on its Romanian-language website.   In 2024, Lukoil Romania reported a turnover of 11 billion lei and a net loss of 145 million lei.   Romania’s Secretary of State for Energy, Cristian Busoi, told Politico last week, two days after the sanctions were announced, that Lukoil would now have an “obligation” to sell the Petrotel refinery before next month’s deadline. “We would be happy to be out of Lukoil,” he added.