Russian oil giant Lukoil has finalized a deal to sell its foreign assets to the American investment firm Carlyle Group, as reported by Radio Free Europe’s Russian service. This transaction does not include Lukoil’s holdings in Kazakhstan, which will remain under the company’s control and continue operations under existing licenses.
The agreement is pending approval from the U.S. Treasury’s Office of Foreign Assets Control. In a statement, Lukoil indicated that it is also in discussions with other potential buyers.
Lukoil’s decision to divest its overseas assets follows the imposition of U.S. sanctions in October 2025. The company owns three refineries in Europe and has interests in oil fields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, and Nigeria, in addition to hundreds of retail gas stations worldwide, including in the United States.
Initially, Swiss company Gunvor, linked to Vladimir Putin’s associate Gennady Timchenko, expressed interest in acquiring Lukoil’s foreign assets. However, they withdrew from negotiations after the U.S. Treasury indicated that the deal would not receive approval, especially given the ongoing conflict in Ukraine.
Following Gunvor’s exit, several companies, including major U.S. oil firms Exxon Mobil and Chevron, Hungarian energy company MOL, and Austrian businessman Bernd Bergmair, have shown interest in Lukoil’s assets.
Lukoil has reached an agreement to sell its foreign assets to Carlyle Group, excluding its Kazakhstan holdings. The deal awaits U.S. regulatory approval as the company explores further buyer options amid ongoing sanctions.
Source: Radio Free Europe