Carlyle Group Considering Purchase of Lukoil’s Foreign Assets

American investment firm Carlyle Group is evaluating a possible acquisition of Lukoil’s foreign assets, Orda.kz reports, citing Reuters.

According to Lukoil’s 2024 financial statements, the assets produce around 0.5% of global oil output and are valued at about $22 billion.

Carlyle has informed Lukoil of its interest, though discussions remain preliminary. The firm reportedly plans to seek a special U.S. government license before conducting a full assessment of the assets. Sources stress that no final decision has been made.

A previous attempt to sell the same assets to Swiss-based Gunvor Group collapsed after the U.S. Treasury signaled it would block the deal over alleged Kremlin ties. Gunvor denied the allegations but withdrew its offer. 

Analysts say Carlyle has a stronger chance of securing Washington’s approval.

U.S. sanctions against Lukoil come into force on November 21, and Reuters reports that Carlyle is seeking additional time to complete negotiations. Further uncertainty stems from moves by several countries to nationalize Lukoil’s overseas assets.

Lukoil remains Russia’s most active oil company internationally, with stakes in major energy projects in Kazakhstan, Uzbekistan, Iraq, Mexico, and several African countries, as well as three refineries in Europe and a large chain of fuel stations.

The company has already faced operational disruptions in Iraq, Finland, and Bulgaria following recent sanctions.

Meanwhile, KazMunayGas is considering acquiring Lukoil’s 13.5% stake in the Karachaganak field — a deal valued at roughly $1 billion and potentially below market price. Lukoil also has stakes in Tengizchevroil, the Caspian Pipeline Consortium, and owns a lubricants plant in the Almaty region.

Original Author: Ruslan Loginov