With time constraints tightening and US sanctions putting immense pressure, Lukoil is forced to sell almost its entire international portfolio. Oil giants, sovereign wealth funds, and investors smell opportunity, starting a race to secure assets valued at $22 billion.
Countdown until December 13
Lukoil has a deadline until December 13 to negotiate the sale of the majority of its international operations. US sanctions and the rejection of Swiss Gunvor as a potential buyer have forced the company to urgently seek new solutions, with every agreement requiring approval from the US Treasury Department. Lukoil's international portfolio includes exploration, refineries, and over 2,000 gas stations in various regions.
The potential suitors
Many strong bidders have entered the game, according to Reuters. They include Exxon Mobil, Chevron, the Abu Dhabi International Holding Company, Austrian investor Bernd Bergmair, Hungarian MOL, and the American private equity firm Carlyle. The prospect of acquiring cheap, strategic assets of an energy superpower has opened a silent but fierce bidding war.
Middle East and Central Asia: the core of production
Lukoil possesses major upstream assets in the Middle East: 75% in the West Qurna 2 field in Iraq and 60% in Block 10. In Egypt, it participates in oil fields along with local partners. In the UAE, it holds 10% of the Ghasha natural gas project. In Central Asia, it has significant stakes in energy projects in Kazakhstan and operates fields in Uzbekistan. The company participates in offshore blocks in Ghana, Congo, Nigeria, and Mexico, expanding its geographical footprint into crucial emerging markets.
Refineries under pressure
Lukoil owns Neftohim Burgas in Bulgaria—the largest refinery in the Balkans—which the Bulgarian government is considering seizing or selling. In Romania, it controls the Petrotel refinery and approximately 300 gas stations, with many companies already expressing interest.
The US Treasury Department permits transactions involving the Bulgarian assets until April 29, 2026. The US has extended transactions for the sale of gas stations outside Russia until April 29, 2026. However: The Finnish subsidiary Teboil has entered a restructuring process and is expected to sell its gas stations. The Romanian government is also moving to take control of the company's assets. In the US, Lukoil operates approximately 200 gas stations.
Collapse of Litasco
US sanctions are dismantling Lukoil's trading subsidiary, Litasco, leading to mass layoffs in offices worldwide and essentially dissolving the company's international trading network.
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