On October 28, the Russian oil company Lukoil published an official announcement on the sale of assets due to sanctions.
“PJSC LUKOIL informs that due to the introduction of restrictive measures by individual states against the Company and its subsidiaries, the Company announces its intention to sell its international assets, and consideration of proposals from potential buyers has begun. The sale of assets is conducted under a termination license issued by the Office of Foreign Assets Control of the U.S. Treasury (OFAC). If necessary, the Company plans to apply for a license extension in order to ensure the smooth operation of international assets,” the company stated.
The United States imposed sanctions on the Russian oil companies Rosneft and Lukoil on October 22, in response to the ongoing conflict in Ukraine.
Lukoil is one of the largest Russian oil companies and the second largest oil producer in Russia.
Lukoil has proven hydrocarbon reserves in nine countries around the world, with Russia accounting for 91% of its proven reserves. Most of these reserves are located in Western Siberia, and the company’s hydrocarbon reserves have been secured under Russian projects for 20 years according to international standards. Approximately 28% of proven reserves are in Uzbekistan, where Lukoil has implemented major gas projects.
In addition, the company owns two refineries in Romania and Bulgaria and a 45% stake in an oil refinery in the Netherlands. The group also owns several gas station networks in 20 countries, including 2,456 outside of Russia as of December 31st, 2024.
