The Trump administration has cleared potential buyers to discuss purchasing Lukoil’s foreign assets in Nigeria and other countries. This authorization also permits business dealings with Lukoil’s Burgas refinery, which has been threatened by Bulgaria’s attempt to seize the plant.
Lukoil, one of Russia’s largest oil companies, has seen its overseas holdings disrupted since the United States imposed sanctions last month in response to the company’s role in financing Russia’s war in Ukraine. The sanctions affect roughly $22 billion of Lukoil’s international assets, including refineries in Europe, stakes in oilfields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and Nigeria, and hundreds of retail fuel stations worldwide.
The U.S. Treasury Department has issued licenses that allow companies to negotiate the purchase of Lukoil’s foreign assets until December 13. Any transaction must completely sever ties with Lukoil, and the sale proceeds must be placed in an escrow account that Lukoil cannot access while it remains under sanctions. The move is intended to support the energy security of U.S. partners and allies without benefiting the Russian government.
Additional Treasury licenses cover transactions involving Lukoil entities in Bulgaria through April 29, 2026. Britain’s Office of Financial Sanctions Implementation has similarly granted licenses for Lukoil Bulgaria EOOD and Lukoil Neftochim Burgas AD.
Lukoil’s international portfolio spans upstream oil and gas projects, refining, and fuel retail networks across Africa, Europe, Central Asia, the Middle East and the Americas. The company produces about half a million barrels of oil per day outside Russia, with operations in Iraq, Kazakhstan and Azerbaijan. Its refining assets include the Neftohim Burgas refinery in Bulgaria, the Petrotel refinery in Romania, and a stake in the Zeeland refinery in the Netherlands.
The fuel retail business operates in several countries, such as Finland, Moldova and the United States, where Lukoil runs roughly 200 petrol stations in New Jersey, Pennsylvania and New York. It also has a significant retail presence in Turkey, Romania and Bulgaria.
This development paves the way for potential buyers to acquire Lukoil’s assets in Nigeria and elsewhere, with possible implications for the global energy market. The U.S. action seeks to balance support for its partners and allies with continued pressure on Russia over its actions in Ukraine.
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