Russia’s Lukoil Moves to Sell Overseas Assets
(MENAFN) Russian energy giant Lukoil has revealed intentions to divest its international holdings after Western nations imposed sanctions on the firm and its subsidiaries.
The measures follow escalating restrictions placed on Russia’s oil sector in response to ongoing geopolitical tensions.
Both Lukoil and another leading Russian oil corporation, Rosneft, were included in the latest round of US sanctions announced last week by President Donald Trump, mirroring similar actions earlier taken by the UK.
The news prompted an immediate surge in worldwide oil prices.
According to a license granted by the US Treasury, the two sanctioned companies are permitted to wrap up their current operations until November 21.
As Russia’s second-largest petroleum producer, Lukoil contributes roughly 2% of the global oil supply. The company was created in 1991 through a Soviet government directive and was led by then–Deputy Minister of Oil and Gas, Vagit Alekperov, who still retains co-ownership.
Today, the enterprise employs over 100,000 individuals across the globe. Its operations extend across the Balkans, the Middle East, Africa, Central Asia, multiple European Union nations, and the United States.
By late 2024, Lukoil had built a retail chain of about 2,500 fueling stations across 20 countries, exporting approximately 730,000 barrels of crude oil daily and nearly 300,000 barrels per day of refined products.
The company posted a net profit of $10 billion in 2024.
In a press statement released Monday evening, Lukoil disclosed that it has begun reviewing proposals from potential purchasers.
The divestiture is proceeding under the current wind-down license, which the company indicated might be extended if required “to ensure uninterrupted operations of its international assets.”
President Trump justified the sanctions by citing Moscow’s alleged “lack of” dedication to advancing the Ukraine peace process.
However, Russian officials insist that they are striving for a durable resolution to the conflict.
While Kiev and its Western allies have persistently urged an immediate ceasefire, Moscow argues that such a pause would merely enable Ukraine to reorganize its armed forces and acquire additional weaponry.
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