TotalEnergies has regained full ownership of the Zeeland refinery in the Netherlands after reacquiring the remaining 45% stake from Russia’s Lukoil, two sources told Reuters.

The financial terms were not disclosed, and it remains unclear whether the deal involved a cash payment or another arrangement, such as an asset swap involving Total’s projects in Russia.

The move follows US Treasury sanctions imposed on Lukoil in October 2025, over Russia’s war in Ukraine, after which the company began pursuing the sale of its international assets, initially valued at about $22 billion.

Lukoil had acquired its 45% stake in the 180,000 barrels per day (bbl/d) refinery from Total in 2009, during a state visit by then-President Dmitry Medvedev, in a deal seen as expanding Russia’s influence in northwest Europe.

Although Zeeland was not formally subject to US sanctions because Lukoil was a minority shareholder, concerns that suppliers might avoid the refinery, along with news of Lukoil’s potential global asset sale, prompted Total to take full control.

A spokesperson for the Dutch Ministry for Climate and Green Growth said the transaction required no government approval, as the refinery was never sanctioned.

In September 2025, CEO Patrick Pouyanné linked stronger refining profitability to sanctions on Lukoil and Rosneft.