US permits talks about Lukoil’s foreign assets to continue until February 28,

The U.S. Department of Treasury on Wednesday extended the license for companies to 'talk' with Russian energy giant Lukoil regarding buying their foreign assets by more than one month, until February 28, 2019. On October 22, President Donald Trump sanctioned Lukoil, one of Russia's largest energy companies, and Rosneft, the other, as part a campaign to put pressure on Moscow for its involvement in Ukraine. Lukoil listed its assets for sale soon after. The assets of the company, which include oil 'fields, refineries and retail gas stations worth $22 billion have attracted a variety of?interests including U.S. private equity firm Carlyle Group and a group consisting of oil major Chevron & Quantum Capital Group.

The extension of the U.S. Treasury's general license, which was due to expire January 17, allows interested parties to enter into?contingent contracts for the sales of assets and winding down of work related to them. This was the second extension, the first being issued in December.

Treasury must approve any deal made with Lukoil regarding its assets due to U.S. sanctions.

Lukoil's overseas operations have been disrupted, from Iraq to Finland. Sources previously said that the company asked for an extension to the deadline of negotiations so it could work on deals.

(source: Reuters)