In a statement published on its website, Lukoil said that it has already begun reviewing offers from potential buyers. The sale process is being conducted under a business liquidation license issued by the U.S. Office of Foreign Assets Control (OFAC), part of the Department of the Treasury.
The company added that it may request an extension of the license to ensure the continued operation of its foreign assets during the transition period. The U.S. imposed sanctions on October 22 against more than 30 subsidiaries of Russian energy firms Rosneft and Lukoil, giving companies until November 21 to wind down transactions with Russian oil producers.
