TBILISI, January 16 – The United States has pushed back a January 17 deadline that required Russian oil giant Lukoil to complete the sale of its foreign assets, giving the company until February 28 to wrap up deals that could directly affect its operations in Georgia.
The extension was issued by the US Treasury’s sanctions office and allows Lukoil to continue negotiating and signing contracts to sell overseas businesses held through its foreign unit, Lukoil International GmbH. Without the extension, those transactions would have had to stop as early as tomorrow.
For Georgia, the decision matters because Lukoil runs one of the country’s largest fuel networks. The company entered the Georgian market in the early 2000s and today operates around 60 fuel stations across the country, along with storage and distribution facilities. Any sale or shutdown would have direct consequences for fuel supply, competition, and jobs.
The deadline has now been extended twice. An earlier permit was due to expire in mid-January, after a first postponement announced in December.
Lukoil began preparing to sell its foreign assets after the US imposed sanctions on the company in late October over Russia’s actions in Ukraine. The sanctions froze Lukoil’s US assets and banned American companies from doing business with it, forcing the Russian firm to restructure its international footprint.
Last week, reports said US oil major Chevron and investment firm Quantum Capital Group are considering a joint purchase of Lukoil’s entire international portfolio, a plan that has reportedly received White House approval.
The assets include refineries, fuel depots, production sites, and more than 2,000 fuel stations worldwide. The portfolio is valued at about USD 22 billion, though no purchase price has been disclosed.
