Hungary's MOL eyes Lukoil's international assets
Hungary’s energy group MOL has expressed interest to U.S. officials in acquiring international assets owned by sanctioned Russian oil producer Lukoil, according to three sources familiar with the matter. The company joins a growing pool of potential buyers as Lukoil faces a tight deadline to divest its foreign holdings.
Washington imposed sanctions on Lukoil in October as part of broader efforts to pressure Moscow over its war in Ukraine, prompting the company to pursue the sale of its overseas assets. Lukoil is in discussions with Exxon Mobil, Chevron, and several Middle Eastern investors ahead of a U.S.-mandated Dec. 13 deadline, sources said. The U.S. previously rejected Swiss commodity trader Gunvor as a potential buyer, News.Az reports, citing Reuters.
Lukoil’s Vienna-based international division owns European refineries, stakes in oilfields in Kazakhstan, Uzbekistan, Iraq and Mexico, and a global network of retail fuel stations.
According to one source, MOL is primarily interested in acquiring Lukoil’s European refineries and fuel stations, as well as stakes in producing fields in Kazakhstan and Azerbaijan. All three sources requested anonymity due to the sensitivity of the discussions..
Hungarian Prime Minister Viktor Orbán, a close ally of U.S. President Donald Trump, discussed MOL’s interest with the president during a meeting in November, one source said. The visit secured Hungary a one-year waiver allowing continued use of Russian oil and gas despite U.S. sanctions.
Hungary remains heavily reliant on Russian energy supplies. Orbán, in power for 15 years, has sought to maintain working relationships with both Moscow and Washington. MOL has also been pursuing the acquisition of Russia-owned Serbian refiner NIS, which is likewise under U.S. sanctions.
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