Carlyle Group’s proposed $22 billion acquisition of Lukoil’s overseas operations, announced on January 29, 2026, has been stalled in the OFAC approval process for nearly ten months with no closing authorization in sight. Lukoil’s Petrotel-Lukoil refinery in Romania, which accounts for roughly 20% of the country’s total refining capacity, has been idled and is currently undergoing insolvency proceedings. OFAC has extended general licenses through October 22, 2026, allowing negotiations but withholding approval to close the deal. Lukoil has been in discussions with other parties including Exxon Mobil and Chevron, while European governments struggle to balance sanctions enforcement with domestic energy security.
Source: Read the original article
