US EditionRussia's Lukoil, under sanctions, agrees to sell international assets to US Carlyle Group
Lukoil's deal with Carlyle excludes Kazakhstan assets and awaits US Treasury approval amid sanctions that have pressured Russian energy exports.
- Lukoil PJSC agreed to sell its foreign assets to Carlyle Group, including Lukoil International GmbH, three months after US sanctions, according to the company statement.
- The US last October blacklisted Lukoil and Rosneft, prompting asset sales after a deal with Gunvor Group collapsed when the US Treasury described Gunvor as the Kremlin 'puppet', and waivers due to expire Feb. 28 increased pressure.
- The firm's vast foreign holdings span refineries and major oilfields across multiple regions, including West Qurna 2 oilfield in Iraq, while sanctions forced trading wind-downs and bankruptcy of Oy Teboil Ab.
- Lukoil said the deal will preserve jobs and stabilize operations while Kazakhstan formally asked US authorities to approve purchases of Lukoil stakes, reflecting government intervention.
- Lukoil warned the agreement is non-exclusive and requires approval from the US Department of the Treasury's Office of Foreign Assets Control, while Carlyle said the deal depends on due diligence and regulatory approvals; Carlyle manages $474 billion.
106 Articles
106 Articles
The American sanctions force Lukoil to cut off foreign holdings, while Russia's oil exports are worse off than ever.
War in Ukraine: Washington-based Carlyle maintains close business ties with US President Donald Trump. Trump announced in…
Russian oil giant Lukoil, which is under sanctions by Washington, will sell its assets abroad to the American investment company The Carlyle Group, the Russian company announced. The agreement to sell Lukoil International has already been signed, but the value of the deal is unknown, foreign news agencies report.
American investment firm Carlyle Group has agreed to acquire most of the foreign assets of Russia's largest oil company, Lukoil, valued at $22 billion.
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