The US Treasury has extended the period during which companies can negotiate the acquisition of Lukoil international assets, with discussions now running until 22 August 2026. The extension keeps Southeast European assets in scope as prospective buyers continue engaging with the sanctioned Russian oil producer. The prior authorization was set to expire on 25 July.
The authorization was issued by the US Treasury’s Office of Foreign Assets Control. It allows potential buyers to conduct due diligence, negotiate conditional agreements and carry out activities needed to preserve the assets while talks continue. The decision marks the eighth extension since Lukoil announced its intention to dispose of overseas operations.
Southeast Europe refining and retail assets remain in focus
The extended timeline is significant for Southeast Europe, where Lukoil holds refining, wholesale and retail infrastructure. The portfolio includes the Lukoil Neftohim Burgas refinery in Bulgaria and the Petrotel refinery in Romania. Lukoil also operates more than 800 petrol stations across Bulgaria, Romania, Serbia, Croatia, Montenegro, Moldova and North Macedonia.
Lukoil previously said it had reached an agreement to sell most of its international operations to US investment group Carlyle. The transaction was reported at around $22 billion. Other international energy companies, including ExxonMobil and Chevron, have also been linked to interest in selected assets.
OFAC authorizations cover asset preservation and filling-station operations
The US deadline changes reflect the challenges of completing a large cross-border disposal amid sanctions and regulatory approvals. National energy-security concerns also remain unresolved as ownership changes are considered. The refineries in Bulgaria and Romania are part of regional fuel-supply infrastructure, and any transfer would require scrutiny by national governments and competition authorities.
OFAC has separately extended authorization for Lukoil’s international filling-station network to continue operating until 29 October 2026. Specific transactions involving Lukoil’s Bulgarian subsidiaries also remain permitted under separate sanctions-related arrangements.
Implications for sale process timing in Southeast Europe
For governments in Southeast Europe, the prolonged sale process reduces the immediate risk of an operational interruption while negotiations continue. At the same time, ownership outcomes and future investment decisions remain unsettled. Refinery maintenance, crude-supply arrangements, working-capital lines and fuel-retail continuity are expected to stay sensitive until buyers, financing and regulatory approvals are in place.
