Russian oil company Lukoil, which will come under U.S. sanctions starting November 21, has announced plans to sell its assets outside Russia — including its operations in Serbia, according to Forbes Serbia.
Lukoil has operated in Serbia since 2003, when it purchased the former state-owned company Beopetrol for €210 million. The company employs around 140 people and runs 26 branches, mainly fuel stations. Despite challenging business conditions linked to sanctions on Serbia’s NIS (Naftna Industrija Srbije), Lukoil Serbia reported strong results in 2024, with revenues rising from 46.8 billion to 56 billion dinars and net profit increasing from 915 million to 1.27 billion dinars. The company is fully owned by Lukoil International GmbH, registered in Austria.
The announcement of a possible sale marks a shift from the company’s previous strategy, which focused on expanding its retail network. Lukoil Serbia has stated that it continues to fully substitute any missing fuel quantities in the domestic market.
The company’s 2003 privatization of Beopetrol was once considered a major success but later came under scrutiny. Serbia’s Anti-Corruption Council claimed that the state was underpaid by at least €100 million. The sale was also challenged by former employees and by Croatia’s INA, which filed a lawsuit arguing that Beopetrol’s assets had been unlawfully seized after the breakup of Yugoslavia. The dispute, valued at about €200 million, was eventually resolved in Lukoil’s favor by the Higher Court in Belgrade, although INA announced plans to appeal.
