Lukoil has come to an understanding with the American investment firm, The Carlyle Group, to divest the majority of its overseas holdings. This constitutes a tactical move, one that the enterprise was induced to execute due to US penalties levied during the autumn of 2025 against Russia's foremost independent oil manufacturer. In the wake of these limitations, Lukoil was compelled to commence the search for purchasers of its global operations.
The arrangement encompasses the LUKOIL International GmbH division, through which the company oversaw all international properties. This assortment encompasses the extraction, refining, and trading of petroleum and natural gas in Europe, the Middle East, Africa, Central Asia, and Mexico. Amongst the most prized possessions are a share in the Iraqi West Qurna 2 deposit, one of the planet's largest, alongside petroleum refineries in Bulgaria and Romania, and an extensive chain of filling stations outside of Russia. Holdings in Kazakhstan were purposely excluded from the transaction.
The agreement, valued by Reuters at approximately $22 billion, renders it among the largest disposals of Russian offshore energy possessions in recent times. Should the deal finalize, Lukoil will essentially terminate its involvement in worldwide energy sectors and center its efforts on national and restricted regional ventures.
The culmination of the agreement is directly conditional upon the verdicts of US authorities. OFAC occupies a vital position, given that any dealings with sanctioned Russian firms necessitate separate authorization. Carlyle verified its eagerness for the acquisition, but underscored that finalization is feasible solely after regulatory sanction and thorough due diligence.
Simultaneously, the Kazakh government has initiated independent dialogues with the United States, seeking endorsement to acquire Lukoil's shares in their domestic energy schemes. This principally pertains to participation in the Caspian Pipeline Consortium and the massive Tengiz field, which hold strategic significance for the nation.
Other prominent global actors also exhibited interest in Lukoil's resources. However, certain prospective agreements did not materialize as a result of the US stance: Swiss Gunvor declined to negotiate following the embargo, and the international holding enterprise from Abu Dhabi, International Holding Company, similarly failed to progress the transaction. The potential of procuring a portion of the portfolio by American petroleum giants Exxon and Chevron was also deliberated.
In early 2026, Chevron united with investment fund Quantum Capital Group to submit a bid for Lukoil's international holdings. The consortium proposed preserving the assets under enduring oversight by American companies. U.S. functionaries have publicly championed this strategy, asserting it impedes a swift liquidation of the properties and serves the interests of energy safeguarding.
The US Treasury Department had previously established a firm timeframe for Lukoil to vend its global portfolio by February 28. This constraint notably diminished the scope for flexibility and expedited negotiations, which ultimately resulted in an accord with Carlyle as the most suitable acquirer for the US.
Source: forbes.ua