Russia's Lukoil Reaches Tentative Deal To Sell Most Overseas Assets To US Private Equity Firm Carlyle Amid Sanctions

Russia’s second-largest lipid shaper Lukoil reached a tentative statement connected Thursday to merchantability the majority of its planetary assets to U.S. backstage equity steadfast Carlyle Group, arsenic Western sanctions proceed to propulsion Russian vigor companies to merchantability disconnected their assets abroad.

The companies did not disclose the worth of the imaginable deal, which includes Lukoil’s lipid and state fields from Iraq to Mexico, thousands of petrol stations successful 20 countries, and refineries successful Bulgaria and Romania.

But the woody volition not see Lukoil's interests successful Kazakhstan. The institution had antecedently stated the publication worth of its full planetary concern arsenic $22 billion.

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The merchantability follows U.S. sanctions connected Lukoil and Rosneft successful October 2025, Russia's 2 apical lipid producers, successful effect to the ongoing struggle successful Ukraine.

On Wednesday, Kazakhstan separately submitted a bid to U.S. authorities to get Russian lipid producers’ stakes successful the country's vigor projects.

Lukoil said that its statement with Carlyle was conditional, not exclusive, and it would proceed negotiations with different parties, which reportedly see Chevron Corporation (NYSE:CVX) and Quantum Capital Group, who are preparing a competing associated bid. ExxonMobil (NYSE:XOM) and Abu Dhabi’s International Holding Company person besides antecedently expressed involvement successful acquiring the company’s planetary portfolio.

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The negotiations became feasible successful November erstwhile the U.S. Treasury Department authorized imaginable buyers to prosecute with Lukoil for the acquisition of its overseas assets, which relationship for astir 0.5% of planetary lipid production.

Analysts accidental Lukoil's lipid and state output from its overseas operations is inactive expected to emergence done the extremity of the decade, according to S&P Global, contempt the plus sale.

Photo: Shutterstock

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