OFAC extends deadline for Lukoil international asset sale talks to May 30

Talks over the sale of international assets held by Lukoil have been granted more time after the US Office of Foreign Assets Control (OFAC) extended the deadline for potential buyers to continue discussions until May 30. For investors, the extension matters because it signals that regulatory oversight remains a key gating factor in how quickly deals can be structured and approved.

More time for agreements tied to Lukoil International

The added window allows interested parties to continue work on agreements related to the possible divestment of Austria-based Lukoil International, including entities where it holds majority stakes. It also supports operational continuity measures—such as maintenance and gradual wind-down activities—linked to these assets, aimed at preserving stability during the transition.

Fifth postponement since October sanctions

This is now the fifth postponement since sanctions were imposed by the US Treasury in October in response to Russia’s war in Ukraine. The repeated extensions point to both the intricacy of the transaction and sustained interest from international investors looking to gain exposure to strategic energy markets.

Regional footprint and ongoing authorizations

Lukoil continues to maintain a significant presence in southeastern Europe, including critical infrastructure such as the Lukoil Neftohim Burgas refinery—the only refinery in Bulgaria—and the Petrotel refinery. Its regional operations also include fuel distribution networks across Serbia, Croatia, Montenegro, Moldova, and North Macedonia, as well as multiple storage facilities.

Earlier in April, US authorities separately extended a license allowing Lukoil’s retail stations outside Russia—covering more than 800 locations in southeastern Europe—to remain operational until late October. Additional authorizations reportedly include certain transactions involving its Bulgarian subsidiaries, such as refining, aviation fuel supply, and bunker services, which are intended to help ensure continued energy supply stability.

Deal background and potential bidders

In January, Lukoil announced an agreement to sell a large portion of its international portfolio—reportedly valued at around $22 billion—to Carlyle. Other major energy companies, including ExxonMobil and Chevron, have also been mentioned as potential bidders, indicating competitive pressure around access to these assets.

The OFAC extension through May 30 effectively keeps negotiations on track while compliance requirements continue to shape deal timelines—an outcome that could influence how quickly buyers finalize terms and how smoothly assets are transitioned under sanctions-related constraints.