February 11, 2026 [Reuters]- French oil major TotalEnergies has taken over full operations of the Zeeland refinery in the Netherlands but has not acquired the 45% stake in it owned by Russia’s Lukoil, CEO Patrick Pouyanne said on Wednesday.

Reuters had reported late on Tuesday that TotalEnergies had taken full ownership of the plant, citing two sources familiar with the matter.

Pouyanne told reporters after the company’s fourth-quarter results that an agreement with Lukoil allows TotalEnergies to run the refinery on a temporary basis. Under the deal, Total supplies all the crude, pays for operations and takes all of the refinery’s output.

He said the arrangement is part of an existing shareholder agreement and will remain in place until Lukoil finds a buyer for its stake.

“It was clear Lukoil had to go … but it’s their business who they sell to,” said Pouyanne.

SANCTIONS FORCE LUKOIL ASSET SALE

The U.S. Treasury imposed sanctions on Lukoil in October in an attempt to pressure Russia to end its war with Ukraine, prompting the company to launch a sale of its international assets, initially valued at around $22 billion.

Neither the U.S. Treasury nor Lukoil responded to requests for comment on the matter.

The Russian company acquired its 45% stake in Zeeland from Total for about $725 million in 2009, during a state visit to the Netherlands by Russia’s then-president Dmitry Medvedev, in a deal widely seen as expanding Moscow’s influence in northwest Europe.

“This is an internal affair for Total, just like any other corporate decision, which did not require any approval or action from the government of the Netherlands because the refinery was never formally subject to sanctions,” a spokesperson for the Dutch ministry for climate and green growth said on Tuesday.

Total said earlier on Wednesday that profit from refining had jumped by more than 200% in the fourth quarter.