Overview
- The transaction requires U.S. Treasury approval and is governed by an OFAC divestment license that runs until Feb. 28, 2026.
- Lukoil excluded its Kazakhstan projects from the deal, and Kazakhstan has asked OFAC to allow it to exercise legal pre‑emption rights over those stakes.
- The agreement is non‑exclusive, with Lukoil continuing talks with other prospective buyers.
- Analysts estimate the international portfolio near $22 billion, including upstream fields, European refineries in Bulgaria and Romania, and broad fuel retail networks.
- An earlier offer from trader Gunvor was withdrawn after U.S. officials indicated no license would be granted, and host governments have moved on assets such as Iraq’s West Qurna‑2.