The $20 billion deal to transfer Lukoil's foreign oil business to the American investment group Carlyle remains blocked in the US government approval process, according to sources familiar with the matter. The proposed acquisition covers operations in 17 countries and includes key assets such as the refinery in Bulgaria, Romania's Petrotel, and a 45 percent stake in the Zeeland refinery in the Netherlands, the Financial Times reports.

Although the Office of Foreign Assets Control (OFAC) under the US Department of the Treasury has granted permission, the transaction is still awaiting final approval from the administration of President Donald Trump. The review process for the proposal has been ongoing for nearly ten months, with the decision being discussed interagency involving the National Security Council, the State Department, and the Department of Energy.

Carlyle states that completing the deal would allow for an increase in gasoline and diesel production at European refineries and would ease tension in global fuel markets. The investment firm noted: "There is significant unused refining capacity in Lukoil's European assets, which could contribute to additional supply of refined products to the market and alleviate pressure on fuel prices." According to the company, following the signing of the conditional agreement earlier this year, a decision regarding the future of these assets is expected.

The total capacity of the three European refineries is approximately 400,000 barrels of oil per day. However, the Petrotel facility has not been operational since last year, when planned repairs began. According to a source familiar with the negotiations, finalizing the deal would allow for the commissioning of additional refining capacity of between 100,000 and 150,000 barrels per day.

The current delay coincides with a period of fuel shortages, particularly diesel, resulting from the conflict in the Middle East and Ukrainian attacks on Russian refineries. These circumstances are intensifying price pressures in the US and Europe. Washington imposed sanctions on Lukoil last October as part of efforts to increase pressure on Moscow due to the war in Ukraine, with these measures separating the company's international operations from the Russian parent company.

A previous attempt by the trading company Gunvor to acquire the assets was blocked by the US. In March, Lukoil wrote off about $20 billion from the business value. The company's foreign portfolio also includes approximately 3 billion barrels of proven and probable oil and gas reserves, with production of about 250,000 barrels per day. Another source noted that uncertainty regarding the future owner is deterring investment in the assets.

US authorities have repeatedly extended the temporary licenses that allow operations to continue, with the latest extension lasting until October 22 – nearly a year after Carlyle began acquisition negotiations. The deal has once again drawn attention following Congress's passage this week of Senator Lindsey Graham's bill to increase pressure on the Russian energy and defense industries. This bill gives the President the authority to impose tariffs of up to 100 percent on countries that purchase Russian oil and gas. The White House and the US Department of the Treasury declined to comment.