French TotalEnergies gains control of Dutch refinery where Lukoil holds 45%
Photo: Lukoil lost control of oil refineries in Europe due to sanctions (Getty Images)
French company TotalEnergies has gained full control of the Zeeland oil refinery in the Netherlands, where Lukoil owns a 45% stake. However, the French company did not buy out the Russian company's stake, Reuters reports.
According to TotalEnergies CEO Patrick Pouyanne, the company did not buy out the 45% stake in the refinery owned by the Russians.
He explained that the current agreement with Lukoil allows the company to temporarily manage the plant independently. Under the agreement, Total supplies all crude oil to the plant, covers operating costs, and receives all products manufactured.
"It was clear Lukoil had to go ... but it's their business who they sell to," Pouyanne says.
He notes that this management model will remain in place until the Russian company finds a buyer for its stake.
Deal
The Russian company acquired a 45% stake in Zeeland in 2009 for about $725 million during a visit by then-Russian President Dmitry Medvedev to the Netherlands. At the time, the deal was seen as an expansion of Moscow's energy influence in Europe.
The Dutch government said that the decision on the management of the plant was an internal corporate matter, as the refinery itself was not formally under sanctions.
Earlier, TotalEnergies reported that its oil refining profits in the fourth quarter had grown by more than 200%.
US sanctions against Lukoil
In October 2025, the US Treasury Department imposed sanctions on two Russian oil giants, Rosneft and Lukoil.
Against this backdrop, several European countries with Lukoil refineries began to look for solutions to prevent the plants from shutting down.
In particular, the oil giant tried to sell its foreign assets to Swiss trader Gunvor. However, the company withdrew from the deal after the US Treasury Department called it a puppet of the Kremlin.
In January 2026, the company announced that Lukoil had reached an agreement to sell its international assets to the American investment fund Carlyle.
However, this deal still needs to be approved by the US Treasury's Office of Foreign Assets Control (OFAC).
