Lukoil sells assets, slips into multi-billion loss

Russian oil major Lukoil reported a net loss of $12.5 billion last year, according to the Moscow Times. The company was forced to divest extensive foreign assets as a result of US sanctions. At the same time, it wrote off investments in its international division, Lukoil International, totalling about $20.2 billion.

In 2024, the company reported a net profit of $10.1 billion. Lukoil accounts for about two per cent of global oil production, with roughly a quarter coming from its foreign operations.

US sanctions introduced in October 2025 to increase pressure on Russia over the war in Ukraine have forced the company to seek buyers for assets worth $22 billion. In January, it announced a preliminary agreement to sell to the US investment fund The Carlyle Group, while later reports also pointed to interest from the Saudi company Midad Energy.

Lukoil owns refineries in Europe, holds stakes in oil fields in Africa, Asia and the Americas and operates hundreds of service stations, including in the US. It obtained a licence to sell assets after sanctions were imposed, but that expired last month.

The company’s revenue fell by 15 per cent to $45.1 billion, while net debt declined by 78 per cent to $2.68 billion.

(max)