OSLO, Dec 9 (Reuters) - Russia's Lukoil (LKOH.MM) , opens new tab has until December 13 to negotiate the sale of the bulk of its international assets after the U.S. imposed sanctions on the company and rejected its initial buyer, Swiss commodity trader Gunvor.

Lukoil's international assets, spanning upstream oil and gas projects, refining, and more than 2,000 filling stations across Europe, Central Asia, the Middle East and the Americas, are estimated to be worth about $22 billion. Any specific deals will require U.S. Treasury approval.

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Below are details of Lukoil's international assets and potential buyers:

POTENTIAL BUYERS

Interested parties include U.S. oil majors Exxon Mobil (XOM.N) , opens new tab and Chevron Corp (CVX.N) , opens new tab, Abu Dhabi conglomerate International Holding Company (IHC.AD) , opens new tab, Austrian investor Bernd Bergmair, former majority owner of an adult entertainment group including website Pornhub, Hungary's MOL (MOLB.BU) , opens new tab and U.S. private equity firm Carlyle.

UPSTREAM OPERATIONS

Middle East

Lukoil's biggest foreign asset is a 75% stake in Iraq's West Qurna 2, one of the world's largest oilfields. It declared force majeure at the field after Iraq halted payments. At least two Western and one Chinese company are eyeing the stake, Iraqi officials said. Reuters reported exclusively on December 2 that Exxon Mobil had approached the Iraqi oil ministry about a purchase.

Lukoil also owns 60% of Iraq's Block 10 development, which includes the Eridu field west of Basra.

In Egypt, it holds a 50% stake in the West Esh El Mallaha (WEEM) and WEEM Extension oilfields alongside Egypt's Tharwa Petroleum. It also holds a 24% stake in the Meleiha concession, with the rest owned by Italy's Eni (ENI.MI) , opens new tab.

In the UAE, Lukoil owns 10% of the Ghasha concession, one of Abu Dhabi's largest gas developments, operated by ADNOC.

Central Asia

Lukoil holds 13.5% in Karachaganak and 5% in Tengiz - major Kazakh oil and gas projects operated by Western oil companies.

It also has a 12.5% stake in the Caspian Pipeline Consortium, which exports oil from Kazakhstan to the Black Sea.

The U.S. Treasury has allowed Lukoil's transactions involving Karachaganak, Tengiz and CPC.

The Russian firm also owns nearly 20% of the BP-operated (BP.L) , opens new tab Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea.

It also operates the South-West Gissar gas field in Uzbekistan and holds a 90% stake in the Kandym fields development near the country's border with Turkmenistan.

Africa and Latin America

Lukoil has a 38% interest in the Deepwater Tano Cape Three Points block that includes the Pecan oilfield development off Ghana.

It also has 25% in Eni-operated gas block Marine XII offshore Congo and 18% in Chevron-operated exploration block OML 140 off Nigeria.

In Mexico, it partners with Eni in several offshore blocks and owns 50% of the Amatitlan block, operated by Petrolera de Amatitlan SAPI de CV.

REFINING ASSETS

In Bulgaria, Lukoil owns the 190,000 barrels per day Neftohim Burgas refinery, the largest in the Balkans. The Bulgarian government has made legal changes to seize and sell the assets.

The U.S. Treasury has allowed transactions involving Lukoil's refinery and some of its other assets in Bulgaria until April 29, 2026.

In Romania, Lukoil owns the 48,600 bpd Petrotel refinery, the country's third-largest, and around 300 gas stations.

Three companies were interested in buying Lukoil's Romanian assets and were in direct talks with the Russian company, Romania's energy minister said on November 25, without elaborating.

Sanctions have also stymied Lukoil's plans to drill exploration wells off Romania.

In the Netherlands, Lukoil holds 45% in the 180,000 bpd Zeeland refinery, operated by a joint venture with France’s TotalEnergies (TTEF.PA) , opens new tab.

FUEL RETAIL BUSINESS

The U.S. Treasury on December 4 extended the deadline for transactions with Lukoil's gas stations outside Russia to April 29, 2026, from December 13.

Nevertheless, Lukoil-owned Finnish petrol station operator Teboil filed for restructuring on November 21, and said it expected the Russian owner to sell the chain which has about 430 gas stations, or about a fifth of the total in the country.

Romania approved on December 2 legal amendments enabling it to take control of Lukoil's local assets, including more than 300 gas stations.

Lukoil is also one of the top fuel retailers in Moldova. The government has been negotiating to purchase Lukoil's plane-refuelling facility at Chisinau's international airport.

There are also about 200 Lukoil-branded gas stations in the U.S., one of which in New York was visited by Russian President Vladimir Putin in 2003 , opens new tab.

TRADING OPERATIONS

U.S. sanctions are dismantling Lukoil's Swiss-based trading arm, Litasco, which once handled about 4% of global oil.

The company has dismissed most of its staff at its Geneva headquarters, as well as in Houston, while employees in Dubai have been served notice, but will be employed until February, Reuters reported on November 21, citing sources.

https://www.reuters.com/business/energy/lukoil-international-assets-facing-disruptions-us-sanctions-2025-11-10/