Hungarian energy giant eyes Lukoil assets, stakes in Azerbaijan among targets—sources

Hungarian energy company MOL is reportedly exploring the acquisition of Russian oil major Lukoil’s international assets, including stakes in Azerbaijan and key European refineries. The move comes after US sanctions on Lukoil forced the company to sell its foreign holdings, with MOL joining a growing list of potential buyers as it seeks to strengthen its presence in Europe and Central Asia.

MOL has informed US officials that it is interested in purchasing the international assets of sanctioned Lukoil, three sources familiar with the discussions told Reuters, adding the company to a growing list of potential buyers.

The United States imposed sanctions in October on Lukoil — Russia’s largest privately owned oil producer — as part of broader efforts to pressure Moscow over its war in Ukraine. The sanctions forced the company to initiate the sale of its foreign holdings.

According to sources, Lukoil is currently in talks with Exxon Mobil, Chevron, and several Middle Eastern investors as it seeks a buyer before a December 13 deadline set by Washington. The US had previously rejected Swiss commodity trader Gunvor as a potential purchaser.

Lukoil’s Vienna-based international division controls refineries across Europe, shares in oilfields in Kazakhstan, Uzbekistan, Iraq, and Mexico, as well as hundreds of fuel retail stations worldwide.

One of the sources said that MOL is specifically interested in acquiring Lukoil’s European refineries and fuel stations, along with stakes in producing assets in Kazakhstan and Azerbaijan.

All three sources requested anonymity due to the sensitivity of the negotiations.

The US Treasury Department declined to comment on the matter, while neither MOL nor the White House immediately responded to requests for comment.

One source added that Hungarian Prime Minister Viktor Orbán — a longtime ally of US President Donald Trump — discussed MOL’s plans during his meeting with Trump in November. That visit resulted in Hungary securing a one-year waiver from US sanctions, allowing Budapest to continue importing Russian oil and gas.

Hungary remains heavily dependent on Russian energy supplies. Throughout his 15-year tenure, Orbán has consistently sought to balance relations with both Moscow and Washington. Meanwhile, MOL has also been exploring the acquisition of Serbian refiner NIS, another Russia-owned company currently under US sanctions.

By Vafa Guliyeva