Private equity giant Carlyle, a consortium of Chevron and Quantum Capital Group, and UAE-based International Holding Company (IHC) are leading the race to acquire the global assets of Russia’s Lukoil, according to a report by Reuters citing unnamed industry sources.
The US imposed sanctions on Lukoil and Rosneft in October to pressure the Kremlin over Ukraine and has set a 17 January deadline for the company to divest its international portfolio, valued at approximately $22bn. The assets include oil fields in Iraq, Azerbaijan and Kazakhstan, along with refineries and petrol stations across Europe and the US.
Lukoil’s operations have been heavily disrupted due to sanctions, restricted banking access, and Iraq’s nationalisation of its largest field, West Qurna 2. The company has been in discussions with potential investors since November.
Any transaction would require approval from the US Treasury’s Office of Foreign Assets Control (OFAC). Sources indicate that OFAC could extend its general licence or issue individual licences to selected buyers prior to the January 17 deadline. Previous attempts, including deals with Gunvor and Xtellus Partners, have been blocked.
