Russia’s Lukoil said it has agreed to sell most of its international assets to Carlyle as it continues exiting overseas projects under Western sanctions. The transaction is subject to regulatory approvals, including U.S. Treasury authorization (OFAC), and Carlyle said the agreement is contingent on due diligence and structured to comply with U.S. Treasury policies. Lukoil added the agreement is non-exclusive and that it remains in talks with other potential buyers, with a Feb. 28 deadline to negotiate a sale.
The deal excludes Lukoil’s Kazakhstan assets, which will remain with the company under existing licenses, while Kazakhstan’s energy minister said the government has asked the U.S. Treasury about a potential buyout of those holdings. Outside Kazakhstan, Lukoil’s overseas portfolio includes upstream stakes such as Shah Deniz (Azerbaijan) and West Qurna-2 (Iraq), plus interests across multiple countries, alongside three refineries with nearly 400,000 b/d of combined capacity and a retail network of about 2,000 fuel stations in Central and Eastern Europe. Analysts cited in the report expect Lukoil’s share of overseas production to rise to about 448,000 boe/d by 2030, and observers said new ownership could alter trade flows and some regional trading and refining margins.
