Lukoil plans to sell its international assets due to the imposition of sanctions by a number of countries and has begun to consider potential offers, the Russian oil company announced on its website.
"PJSC Lukoil informs that owing to introduction of restrictive measures against the Company and its subsidiaries by some states the Company announces its intention to sell its international assets. The consideration of bids from potential purchasers has been started," the statement said.
"The sale of the assets is conducted under OFAC [U.S. Office of Foreign Assets Control] wind down license. If necessary the Company plans to apply for extension of the license to ensure uninterrupted operations of its international assets," Lukoil said.
The United States and United Kingdom have imposed sanctions on the company. OFAC includes Lukoil and fellow Russian oil company Rosneft in its sanctions list last week and issued a license to wind down business with the companies by November 21.
The UK imposed sanctions on Lukoil on October 15, but international projects in Azerbaijan and Kazakhstan involving Lukoil and Rosneft were immediately exempted from sanctions until October 14, 2027, specifically the Caspian Pipeline Consortium (CPC), TengizChevroil, Shah Deniz, the South Caucasus Gas Pipeline, the Azerbaijan Gas Supply Company and Karachaganak.
The European Union put Litasco Middle East DMCC on its sanctions list last week.
Lukoil is involved in projects in Azerbaijan, Kazakhstan, Uzbekistan, Iraq, Egypt, Cameroon, Nigeria, Ghana, Mexico, the United Arab Emirates and Republic of the Congo, and has oil refineries in Bulgaria, Romania and the Netherlands.
