Lukoil has signed a conditional agreement to sell most of its foreign assets to the American financial firm The Carlyle Group. The deal is not yet complete and is subject to several conditions, most notably approval from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). The estimated value of the assets being sold is around $22 billion, though the specific deal value has not been disclosed.
Key Insights
The sale comes after the U.S. imposed sanctions on Lukoil, forcing it to divest most of its international operations by a deadline of February 28, 2026.
This is Lukoil’s second attempt to sell the assets; a previous deal with the Swiss trading firm Gunvor Group was blocked by the U.S. government in November 2025.
Lukoil has stated the agreement with Carlyle is non-exclusive and that it is continuing negotiations with other potential buyers.
The transaction specifically excludes Lukoil’s assets in Kazakhstan, which will remain under its ownership.
The foreign assets for sale include operations in Europe, the Middle East, Africa, Central Asia, and Mexico, such as refineries in Bulgaria and Romania, and a controlling stake in Iraq’s West Qurna 2 oilfield.
Note by Alessandro Bazzoni