The Carlyle Group is investigating the potential purchase of international assets owned by Lukoil, the Russian oil major, according to a report by Reuters.
In the early stages of discussion, Carlyle has made Lukoil aware of its interest. The private-equity firm may seek a US licence before conducting full due diligence, and it could ultimately walk away from the transaction.
Lukoil’s international portfolio — valued at approximately $22bn in its 2024 filings — includes foreign refineries, oilfield stakes in regions such as Kazakhstan, Iraq and Mexico, and a global network of retail fuel stations. These assets account for just over 0.5% of global oil production.
The potential deal comes amid looming US sanctions on Lukoil, scheduled to take effect on 21 November, after which deals with the company will be prohibited.
