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General License 131G
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General License 131G

OFAC licence extending the Lukoil International GmbH sale-negotiation window to 25 July 2026.

General License 131G, issued 25 June 2026, is the seventh consecutive monthly OFAC rollover authorising Lukoil International GmbH to negotiate, but not close, the sale of its remaining European refining assets, running to 25 July 2026.

Last refreshed: 20 July 2026 · Appears in 1 active topic

Key Question

Will OFAC issue an eighth extension, or has a buyer finally emerged for ISAB Priolo?

Timeline for General License 131G

#18 19 Jul

Authorised negotiation only for Lukoil International GmbH and its 50%-plus subsidiaries

European Oil Markets: GL 131G's perimeter never included ISAB
#12 25 Jun

Seventh licence keeps ISAB Priolo open

European Oil Markets
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Background

OFAC issued General License 131G on 25 June 2026, the seventh consecutive monthly extension authorising Lukoil International GmbH (LIG) to negotiate the divestiture of its remaining European refining assets. The licence names neither ISAB, Priolo Gargallo nor Italy: it authorises negotiation only for LIG and entities in which it holds a 50% or greater stake, which by mid-2026 means Neftochim Burgas in Bulgaria and Petrotel Ploiesti in Romania, not the Sicilian refinery, which Litasco sold out of Lukoil ownership to GOI Energy back in May 2023. The licence succeeded its predecessor, GL 131F, which lapsed on 28 June.

GL 131G authorises negotiation only; a separate OFAC transaction licence, never yet issued under this series, is still required to complete any sale it covers. The pattern of consecutive single-month renewals signals that OFAC is managing the divestiture timeline incrementally rather than granting a multi-month block authorisation. Sibling licences GL 134B and GL 134C govern parallel, legally distinct Lukoil-linked and Russian crude-waiver processes.

Common Questions
Does General License 131G cover the sale of Italy's ISAB refinery?
No. GL 131G authorises negotiation only for Lukoil International GmbH and entities it holds 50% or more of; it does not name ISAB, Priolo Gargallo or Italy. ISAB was sold by Litasco to GOI Energy in 2023, well before this licence existed.Source: OFAC
Who issues General License 131G?
OFAC, the US Treasury's Office of Foreign Assets Control, issued General Licence 131G on 25 June 2026, the seventh consecutive monthly extension of the Lukoil International GmbH negotiation window.Source: OFAC
Why has the ISAB Priolo sale not closed after seven licence extensions?
The premise is mistaken: GL 131G's monthly renewals cover only Lukoil International GmbH's own negotiations and have never applied to ISAB. Litasco sold ISAB to GOI Energy in May 2023; GOI's own Onward sale to Ludoil Capital and Ludoil Energy (agreed 18 May 2026) is instead pending a separate OFAC transaction licence and an Italian Golden Power order, neither of which is tied to GL 131G's extension cycle.Source: OFAC
When does General License 131G expire?
General License 131G expires on 25 July 2026. It was issued on 25 June 2026 and succeeded GL 131F, which lapsed on 28 June 2026.Source: OFAC
What is OFAC General License 131G?
GL 131G is a US Treasury (OFAC) authorisation issued 25 June 2026, the seventh consecutive monthly extension letting Lukoil International GmbH (LIG) negotiate the divestiture of its remaining European refining assets, running to 25 July 2026. It names neither ISAB, Priolo Gargallo nor Italy: that refinery Left Lukoil's ownership in 2023 and sits outside this licence's perimeter.Source: OFAC