Fuel giant with hundreds of branches in Turkey is being sold

Sanctions imposed due to Russia's war with Ukraine have forced energy giant Lukoil to rapidly divest its positions abroad. Following the tightening of US sanctions, a deadline of December 13 has been set for the sale of Lukoil's assets. During this process, Austrian businessman Bernd Bergmair has made an official application to purchase Lukoil's assets abroad. Bergmair is known for previously owning Pornhub through MindGeek.

Interest in Lukoil's assets is quite high. While Exxon Mobil is interested in the West Qurna-2 field in Iraq, major funds such as Carlyle are also closely following the process. However, Lukoil's desire to sell its assets as a single package complicates the process. Kazmunaigaz from Kazakhstan, as well as energy groups in Bulgaria and Romania, are also showing interest in the assets of Lukoil, which has more than 600 branches in Turkey. The Moldovan government is evaluating the possibility of purchasing the Lukoil infrastructure in the country.

The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury has temporarily eased some sanctions on Lukoil. According to the new license, transactions such as the sale of products and services, operations, maintenance, and closure at Lukoil's fuel stations outside of Russia have been permitted until April 29, 2026.