Carlyle Group has agreed to acquire most of Lukoil’s international assets, three months after the Russian oil producer was placed under US sanctions, according to a report by Bloomberg.
The transaction excludes assets in Kazakhstan and remains subject to regulatory approvals. Financial terms were not disclosed, and Lukoil said discussions with other potential buyers are ongoing. Carlyle said the deal has been structured to be fully compliant with requirements set by the US Office of Foreign Assets Control (OFAC).
Lukoil was sanctioned by the US last year alongside Rosneft as part of efforts to increase pressure on Russia over the war in Ukraine. The move disrupted Lukoil’s overseas operations and triggered negotiations with the US government over special licences in several jurisdictions. Carlyle is reportedly seeking additional time from OFAC to complete due diligence and secure approvals.
Lukoil had previously agreed to sell the assets to Gunvor Group in October, but that deal collapsed. The portfolio has since attracted interest from a range of energy groups, including Exxon Mobil, Chevron, and Abu Dhabi National Oil Co. Special waivers allowing certain Lukoil transactions are currently due to expire on 28 February.
