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(Bloomberg) — Russian energy giant Lukoil PJSC completely wrote off its investments in foreign assets after the US blacklisted the company.
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Russia’s No. 2 oil producer recognized 1.67 trillion rubles ($19.8 billion) in impairments for last year after losing control of its international businesses, it said in a financial report Friday. That led to a net loss of 1.06 trillion rubles, compared with a profit a year earlier.
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The US slapped sanctions on Lukoil and peer Rosneft PJSC in a bid to pressure the Kremlin to end its war in Ukraine. The move sent shockwaves across countries where Lukoil operates and forced the producer — the most internationally diverse of Russia’s large oil companies — to offer its overseas businesses for sale.
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Lukoil has stakes in refineries in Europe, significant holdings in oil fields from Iraq to Kazakhstan, and a network of 5,300 fuel stations in 20 countries, including the US.
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In January, the company agreed to sell most of its international assets to private equity firm Carlyle Group after a deal with Gunvor Group collapsed. The transaction is subject to regulatory approvals and Lukoil is in talks with other potential buyers.
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The sale “entirely” depends on the decision of the US Office of Foreign Assets Control, the company said in the report. If it’s approved, the proceeds are “highly likely to be deposited in a special account, the withdrawal from which will be possible only after the sanctions are lifted,” it said.
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Results from its assets abroad were reflected in the report as discontinued operations.
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