In October 2023, the US Department of the Treasury included the Russian energy companies Lukoil and Rosneft in a new package of sanctions due to the war in Ukraine. This forces Lukoil to seek ways to dispose of its assets outside of Russia.

Major Assets and Potential Buyers:

  • Iraq: Lukoil owns 75% of the West Qurna 2 oil field. The Iraqi government is planning nationalization to avoid production disruptions.
  • Egypt: Lukoil has stakes in several fields, including West Esh El Malaha and Meleiha.
  • Kazakhstan: Lukoil owns stakes in Karachaganak and Tengiz.
  • Azerbaijan: Lukoil has a stake in the Shah Deniz gas field.
  • Africa and Latin America: Lukoil has stakes in Ghana, Congo, Nigeria, and Mexico.
  • Bulgaria: Lukoil owns the Lukoil Neftohim Burgas refinery, the largest in the Balkans. The Bulgarian government has appointed a special administrator.
  • Romania: Lukoil owns the Petrotel refinery and around 300 gas stations.
  • Netherlands: Lukoil has a stake in the Zeeland refinery.
  • USA: Lukoil has around 200 gas stations.

Potential Buyers:

  • Carlyle Group
  • Chevron
  • Quantum Capital Group
  • International Holding Company - IHC (Abu Dhabi)
  • Exxon Mobil
  • MOL (Hungary)
  • Midad Energy (Saudi Arabia)

The US rejected two offers from Gunvor and Xtellus Partners, due to geopolitical reasons.

Lukoil's trading subsidiary, Litasco, is also affected by the sanctions and is reducing its staff.