GL 131F is the sixth OFAC rolling extension authorising negotiation and contingent contracts for the sale of Lukoil International GmbH's European refineries. It was issued 28 May 2026 and expires 27 June 2026. It does not authorise the actual asset transfer, which requires a separate specific licence.Source: OFAC General Licence 131F (28 May 2026)

When does the Lukoil European refinery sale licence expire?

GL 131F expires at 12:01 EDT on 27 June 2026. It is the sixth extension of the licence series; if no deal closes before that date and OFAC does not issue a successor, the assets freeze inside the SDN perimeter.Source: OFAC General Licence 131F (28 May 2026)

Which European refineries are covered by the Lukoil OFAC sale licence?

GL 131F covers the three non-Russian refineries held by Lukoil International GmbH: ISAB in Priolo Gargallo, Sicily (~800kbd); Neftochim Burgas in Bulgaria (~117kbd); and Petrotel Ploiesti in Romania (~99kbd), totalling roughly one million barrels a day of capacity.Source: OFAC General Licence 131F (28 May 2026)

Background

General Licence 131F was OFAC's sixth monthly extension authorising negotiation of the sale of Lukoil International GmbH (LIG), the Swiss-registered holding company controlling Lukoil's European refinery assets. Issued 28 May 2026 and superseding GL 131E of 29 April, it carried a hard Deadline of 12:01 EDT on 27 June 2026. GL 131F lapsed on that date without a transaction licence being issued; OFAC had pre-empted the lapse by issuing GL 131G on 25 June 2026, extending the negotiation window to 25 July 2026.

Like its predecessors, GL 131F authorised negotiation and contingent contracts only; a separate specific OFAC licence was required to close any transfer of assets, and none was issued during its term. The accompanying FAQ 1224 conditions set three buyer requirements: complete severance of LIG from Lukoil, all funds parked in a US-jurisdiction blocked account, and no upfront value provided to Lukoil. These conditions require a buyer to front capital with zero recourse, the structural reason the series rolled to a seventh extension without a close. The covered assets span ISAB (Priolo Gargallo, Sicily, ~320kbd), Neftochim Burgas (Bulgaria, ~117kbd), and Petrotel Ploiesti (Romania, ~99kbd).

The nearest deal to closing remained the ISAB sale to Ludoil Energy; Italy's energy minister signalled conditional Golden Power approval on 4 June 2026, but both the final Golden Power order and the OFAC transaction licence were outstanding when GL 131F lapsed. GL 131F's clean succession by GL 131G within the same reporting period reflects OFAC's pattern of managed monthly extension rather than hard closure of the divestiture programme.