The U.S. Office of Foreign Assets Control (OFAC) has extended the deadline for the sale of Lukoil’s international assets for a fourth time, pushing the negotiation window to May 1, 2026. This extension allows potential buyers to continue discussions and sign contingent agreements for a portfolio valued at approximately $22 billion.
Lukoil previously signed a preliminary, non-exclusive agreement to sell its international arm, Lukoil International GmbH, to this U.S. private equity firm.
Competing Bidders: Because the Carlyle agreement is not exclusive, other majors like ExxonMobil and Chevron remain in the race, alongside the UAE’s International Holding Company (IHC).
OFAC Approval: Any final transaction requires specific OFAC authorisation; buyers must also ensure sale proceeds are wired into frozen accounts under U.S. jurisdiction.
The Uncertain Tengiz Stake
Lukoil holds a 5% stake in the Tengizchevroil (TCO) consortium, which operates Kazakhstan’s massive Tengiz field. Its future remains uncertain due to competing interests:
The Kazakh government has formally approached OFAC for permission to exercise its legal pre-emptive right to buy out Lukoil’s Kazakh assets, which also include a 13.5% stake in the Karachaganak field and 12.5% of the Caspian Pipeline Consortium (CPC).
Reports suggest the U.S. administration is using the divestment process as leverage in broader negotiations regarding the war in Ukraine.
Note by Alessandro Bazzoni