The US has extended negotiations over the sale of Lukoil’s international assets to November 21, giving prospective buyers more time to structure deals involving one of the largest Russian-owned energy portfolios outside Russia. The previous deadline was October 22. The extension allows negotiations and conditional agreements to continue, but does not permit a sale to be completed.
Any final transfer of ownership will still require approval from the US Office of Foreign Assets Control. The search for buyers has been under way since Lukoil was sanctioned in October 2025. A proposed deal with US investment firm Carlyle did not proceed because the necessary US authorization was not obtained, while other potential buyers have since emerged.
Refineries and fuel networks in Southeast Europe
The portfolio includes the Neftochim Burgas refinery in Bulgaria, the Petrotel refinery in Romania and more than 800 filling stations in seven markets. Some operations have separate temporary authorizations allowing them to continue under US sanctions. Those covering Lukoil’s Bulgarian subsidiaries and parts of its international retail network have been extended until April 24, 2027.
The authorizations include refinery operations and certain aviation and maritime fuel supplies. Under the renewed authorization, investors may negotiate preliminary purchase contracts, memoranda of understanding and conditional agreements. The permitted arrangements also include offers submitted through public tender procedures.
Final sale remains subject to US approval
The additional time gives prospective buyers more scope to develop deal structures that could meet US regulatory requirements. However, sanctions remain in force, and Washington retains authority over whether any final disposal can proceed. The extension does not change that requirement.
The outcome matters to Southeast Europe beyond the question of ownership. Lukoil’s refineries and distribution infrastructure are significant parts of the regional fuel-supply chain. The structure and timing of any sale could affect refining, wholesale supply and downstream competition across several markets.
