US Extends License for Lukoil Asset Sale, Safeguarding Balkan Refineries

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has extended the general license that permits negotiations on the sale of Lukoil’s international assets until 22 August 2026, pushing back the previous deadline of 25 July. The extension allows potential buyers to continue due‑diligence, negotiate conditional agreements and preserve the assets while sanctions remain in place.

The licence covers Lukoil’s holdings in Southeast Europe, including the Burgas refinery in Bulgaria, the Petrotel refinery in Romania and a network of more than 800 fuel stations across Bulgaria, Romania, Serbia, Croatia, Montenegro, Moldova and North Macedonia. Separate licenses keep the refineries and retail outlets operating, so there is no immediate risk of fuel‑supply disruption.

Lukoil has indicated that a sale to U.S. investment firm Carlyle Group is under discussion, valuing the portfolio at roughly $22 billion. Other major oil majors have shown interest, but the transaction remains subject to U.S. approval, sanctions‑related conditions and national regulatory review in each country. The prolonged process underscores the difficulty of disposing of a large, strategically important oil asset base under sanctions.