Russia’s second-largest oil company, Lukoil LKOH.MM, announced on Monday that it plans to sell its international assets following U.S. sanctions imposed last week over Moscow’s ongoing conflict in Ukraine.
The move marks one of the most significant responses yet by a Russian corporation to new Western sanctions. In a statement, Lukoil said the sale would proceed “under an OFAC wind-down licence,” referring to the U.S. Treasury’s Office of Foreign Assets Control. The company added that it would seek an extension of the licence if required to maintain uninterrupted operations.
“The consideration of bids from potential purchasers has begun,” the statement said, without specifying which assets are being sold.
On 22 October, U.S. President Donald Trump imposed sanctions on Russia’s biggest oil producers, Lukoil and Rosneft ROSN.MM, in connection with the conflict in Ukraine. A week earlier, the United Kingdom had also sanctioned both companies and 44 “shadow fleet” tankers, which London described as part of Moscow’s effort to circumvent restrictions and continue energy exports.
Headquartered in Moscow, Lukoil contributes roughly 2% of global oil output. Its name comes from three towns in western Siberia — Langepas, Urai and Kogalym — where the company has its roots.
Lukoil’s largest overseas asset is the West Qurna 2 oil field in Iraq, one of the world’s biggest, where it holds a 75% stake. The field’s output exceeded 480,000 barrels per day in April, according to Interfax news agency.
The company also owns the Lukoil Neftohim Burgas refinery in Bulgaria, the largest in the Balkans, with a capacity of 190,000 barrels per day, and the Petrotel refinery in Romania. It supplies crude to Hungary and Slovakia, as well as to Türkiye’s STAR refinery, operated by Azerbaijan’s SOCAR.
In addition, Lukoil holds interests in oil terminals and retail fuel networks across Europe, along with upstream and downstream ventures in Central Asia — notably Kazakhstan — and in parts of Africa and Latin America.
Venezuelan Vice President and Oil Minister Delcy Rodriguez announced on Monday (October 27) that she will propose suspending a broad energy cooperatio...
Air travel chaos escalated across the United States on Monday as the federal government shutdown stretched into its 27th day, triggering widespread de...
Uzbek President Shavkat Mirziyoyev has met with U.S. President Donald Trump’s Special Envoy for South and Central Asia, Sergio Gor, to discuss prepa...
The UN has warned of an “ugly” humanitarian situation in El-Fasher, North Darfur, where civilians fleeing violence are at risk of starvation and r...
North Korean Foreign Minister Choe Son Hui met Russian President Vladimir Putin at the Kremlin on Monday to discuss ways to deepen bilateral cooperati...
Venezuelan Vice President and Oil Minister Delcy Rodriguez announced on Monday (October 27) that she will propose suspending a broad energy cooperation agreement with Trinidad and Tobago, including ongoing joint gas projects currently under negotiation.
Air travel chaos escalated across the United States on Monday as the federal government shutdown stretched into its 27th day, triggering widespread delays caused by air traffic controller absences. More than 4,300 flights were delayed nationwide by the afternoon, following 8,800 disruptions.
Uzbek President Shavkat Mirziyoyev has met with U.S. President Donald Trump’s Special Envoy for South and Central Asia, Sergio Gor, to discuss preparations for next week’s planned C5+1 Leaders’ Summit in Washington.
The UN has warned of an “ugly” humanitarian situation in El-Fasher, North Darfur, where civilians fleeing violence are at risk of starvation and ransom demands, officials said Monday.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
Amazon AMZN.O is reportedly preparing to cut up to 30,000 corporate positions starting Tuesday, as part of a major cost-reduction effort aimed at correcting overhiring during the pandemic, according to three people familiar with the matter.
Venezuelan Vice President and Oil Minister Delcy Rodriguez announced on Monday (October 27) that she will propose suspending a broad energy cooperation agreement with Trinidad and Tobago, including ongoing joint gas projects currently under negotiation.
Air travel chaos escalated across the United States on Monday as the federal government shutdown stretched into its 27th day, triggering widespread delays caused by air traffic controller absences. More than 4,300 flights were delayed nationwide by the afternoon, following 8,800 disruptions.
The UN has warned of an “ugly” humanitarian situation in El-Fasher, North Darfur, where civilians fleeing violence are at risk of starvation and ransom demands, officials said Monday.
More than 250,000 tons of waste have accumulated across Gaza City, creating what local officials describe as a growing “environmental and health disaster” amid ongoing water shortages and sewage leaks.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment