The U.S. has extended the deadline for the sale of Lukoil's assets
The U.S. has extended until September 19 the deadline for negotiating and concluding agreements regarding the sale of assets belonging to Russia’s Lukoil. At the same time, companies will need to obtain additional authorization from U.S. authorities for such transactions.
The U.S. Office of Foreign Assets Control (OFAC) published the relevant document on August 20. It grants authorization for certain transactions related to negotiations and the signing of contracts regarding the sale of Lukoil International GmbH and related activities.
The new deadline has been set for midnight on September 19, Eastern Time. However, the extension itself does not constitute automatic authorization to proceed with the transactions. Separate approval from OFAC is required to finalize them.
Why This Is Important for Bulgaria
The U.S. decision is of particular significance for Bulgaria, where Lukoil has a significant presence in the oil sector. The Russian company owns, among other assets, an oil refinery in Burgas, as well as a large network of gas stations. In total, there are approximately 500 gas stations in the country. Therefore, the sale of these assets could affect not only Lukoil itself but also the functioning of part of Bulgaria’s fuel market.
Extending the deadline allows more time for negotiations with potential buyers. At the same time, the final terms of such deals remain subject to the approval of the U.S. sanctions regulator.
On the morning of August 21, drones attacked the Russian city of Perm, where the large “Lukoil-Permnefteorgsintez” oil refinery is located. Russian authorities confirmed the attack and reported that air defense systems were activated.
