Oil Co Lukoil

The US Treasury has extended the deadline for certain transactions with Lukoil International GmbH until Aug. 22 at 12:01 a.m. The move is related to US sanctions imposed on Lukoil in October and follows several previous extensions; Lukoil subsequently announced plans to sell assets. » Altro su de.investing.com

The US Treasury has extended the deadline for energy companies to complete transactions to acquire Lukoil’s overseas assets from May 1 to May 30. Sanctions force Lukoil to sell an international portfolio worth about $22 billion and require proceeds to be placed into a frozen, US-controlled account. All deals require final approval by the Office of Foreign Assets Control, and multiple bidders, including Exxon, have shown interest. » Altro su de.investing.com

Saudi-backed Midad Energy has signed a letter of intent to acquire the foreign assets of the sanctioned Russian energy company Lukoil, prevailing over competitors such as Carlyle. The bid, finalized at the end of January, is an all-cash offer that will be deposited in an escrow account and covers all of Lukoil’s target assets. Completion depends on regulatory approvals, including consent from the US Treasury, because Western sanctions affect foreign holdings. Significant regulatory and geopolitical hurdles remain to be overcome before closing, which could delay or prevent the transaction. » Altro su de.investing.com