Overview
- Treasury licenses allow companies to discuss purchases of Lukoil’s foreign assets until December 13, with any acquisition requiring a specific OFAC license and sale proceeds held in blocked escrow accounts.
- The U.S. authorized transactions involving Lukoil entities in Bulgaria through April 29, 2026, and the UK issued temporary licenses for Lukoil Bulgaria and Lukoil Neftochim Burgas valid until February 14, 2026.
- Bulgaria appointed National Revenue Agency chief Rumen Spetsov as special administrator for the Burgas refinery under an emergency law enabling a government-approved transfer to new owners.
- Carlyle is in early-stage discussions about a potential purchase and is considering a U.S. license application, with other companies reported to be weighing bids for parts of the portfolio.
- Treasury also permitted transactions related to the Caspian Pipeline Consortium and Tengizchevroil to safeguard crude flows, as sanctions-related disruptions continue in Iraq, Finland and Bulgaria.