The French will manage the Lukoil oil refinery in the Netherlands
11 February 13:05
French oil giant TotalEnergies has taken full control of the Zeeland oil refinery in the Netherlands, the company’s CEO Patrick Pouyanné said on Wednesday, according to Reuters, citing Kommersant.
Puyanne told reporters after the publication of the company’s fourth-quarter results that the agreement with Lukoil allows TotalEnergies to temporarily manage the refinery. Under the agreement, Total supplies all crude oil, pays for operations, and receives all refinery products.
However, 45% of the shares still belong to the Russian company. He said the arrangement is part of the existing shareholder agreement and will remain in place until Lukoil finds a buyer for its stake.
“It was clear that Lukoil had to leave… but it’s up to them to decide who to sell to,” Pouyanne said.
In October 2025, the US Treasury Department imposed sanctions on Lukoil in an attempt to force Russia to end its war with Ukraine, prompting the company to begin selling its international assets, initially valued at approximately $22 billion.
Lukoil acquired a 45% stake in Zeeland from Total for about $725 million in 2009 during a state visit by then-Russian President Dmitry Medvedev to the Netherlands in a deal widely seen as an extension of Moscow’s influence in northwestern Europe.
According to sources, Zeeland was not officially subject to US sanctions because Lukoil was a minority shareholder. However, concerns that oil suppliers would be unwilling to do business with Zeeland, as well as news of a possible global sale of Lukoil’s assets, prompted Total to buy out the remaining shares of the refinery with a capacity of 180,000 barrels per day,” Reuters writes.
As reported, at the end of January, Lukoil signed an agreement with the American investment company Carlyle to sell its subsidiary Lukoil International GmbH, which owns the group’s international assets.
This agreement does not apply to Lukoil’s assets in Kazakhstan.
The Carlyle Group is a global investment company that manages $474 billion in assets as of early 2026.
As Lukoil is subject to US sanctions, the deal must be approved by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury.
The US Treasury Department has already blocked attempts by two other bidders, international trading company Gunvor and US bank Xtellus Partners, to acquire Lukoil’s assets.
Lukoil is also continuing negotiations with other potential buyers, as the company must sell its assets by February 28.
On October 22, the US imposed new sanctions against Russia for the first time during Trump’s second term. The Office of Foreign Assets Control (OFAC) announced new sanctions “due to Russia’s lack of serious commitment to the peace process to end the war in Ukraine.” Rosneft and Lukoil were subject to restrictions.
