US private equity firm Carlyle is examining the possibility of acquiring segments of Lukoil’s international portfolio, as Washington intensifies sanctions on the Russian oil company in an effort to pressure Moscow toward negotiations over Ukraine.
Lukoil represents about 2 percent of global oil production through its operations in Russia and abroad. The company has announced that it is looking for buyers for its foreign assets, which generate around 0.5 percent of global supply and were valued at approximately 22 billion dollars in 2024 filings. One source indicated that Carlyle is in the early stages of reviewing a potential deal.
Another source said that Carlyle has already notified Lukoil of its interest. The firm is expected to apply for a US license that would permit negotiations, although it may still decide against moving forward after initial evaluations. Earlier this year, Gunvor withdrew from similar talks after the US Treasury signaled it would block the transaction, characterizing the trader as aligned with Russian interests.
Industry specialists believe Carlyle has stronger chances of securing approval from US authorities. The Treasury has set 21 November as the deadline after which any dealings with Lukoil are prohibited. Analysts note that the circumstances might enable Carlyle to negotiate a favorable price, but only if the company is granted sufficient time to conduct thorough due diligence.
The potential sale faces additional complexity as several countries have initiated steps to nationalize portions of Lukoil’s overseas operations. For decades, Lukoil has been Russia’s most globally active oil company, expanding its presence across multiple continents.
Its international holdings include three refineries in Europe, stakes in oil fields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and Nigeria, and hundreds of fuel stations worldwide, including in the United States. Recent US sanctions have disrupted the company’s operations in Iraq, Finland and Bulgaria.
Carlyle, one of the world’s major players in private equity, asset management and financial services, manages roughly 474 billion dollars in assets. Over the past fifteen years, the firm has developed a broad global energy platform, investing across the entire oil sector, from exploration and production to transportation networks, refining, distribution and related services.
