Main points
- Russian Lukoil has agreed to sell foreign assets to an American company for more than $20 billion.
- The deal is subject to regulatory approvals, including OFAC clearance, and Lukoil is continuing negotiations with other buyers.
Russian Lukoil finally agrees on asset sale / Russian media
Sanctioned oil giant Lukoil has announced a deal to sell foreign assets that could be acquired by an American company for more than $20 billion.
What is known about the sale of assets to Lukoil?
The Russian giant is entering into a deal with the American investment company Carlyle, Lukoil said in a statement.
The scope of this agreement does not include assets in the Republic of Kazakhstan, which will remain owned by Lukoil Group and will continue to operate under the relevant license.
The deal is not exclusive to the company and is subject to a number of conditions, including obtaining necessary regulatory approvals, including clearance of the Carlyle transaction from the U.S. Treasury's Office of Foreign Assets Control (OFAC). The company is also continuing discussions with other potential buyers,
– the statement says.
By the way, Carlyle Group is a global investment company that, as of the beginning of 2026, manages assets worth $474 billion, writes Reuters.
It is known that Lukoil's global portfolio of shares was valued at $22 billion , so the company could sell it for that price.
The US Treasury Department has already blocked attempts by two other bidders – international trader Gunvor and US bank Xtellus Partners – to acquire Lukoil's assets. The company must sell its assets by February 28.
What is known about the sale of Lukoil assets and the state of the company?
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Lukoil has appealed to the Russian government over the crisis caused by the significant drop in oil prices. The company is seeking to change the formula for the damper mechanism.
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Chevron Corp. and Quantum Energy Partners are joining forces to acquire the international assets of Russia's Lukoil for $22 billion.
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Kazakhstan has also applied to acquire Lukoil's assets through its stake in the country's largest oil fields. The country has asked the US for approval of the deal, claiming it has a preemptive right to buy out the shares.