Lukoil Sells Foreign Assets to American Fund Carlyle: Deal Details

The Russian oil company Lukoil has reached an agreement to sell its foreign assets to the American investment fund Carlyle. The deal is expected to be finalized after receiving approval from the U.S. Treasury’s Office of Foreign Assets Control.

This is reported by AgroReview

What Assets Remain Owned by Lukoil

As part of this agreement, Lukoil’s assets in Kazakhstan will not be transferred to the new owner. They will remain under the control of the Russian company and will continue to operate under the existing license.

Interest in Assets and Further Negotiations

Lukoil began seeking buyers for its foreign assets after the U.S. imposed sanctions in October 2025. The company’s portfolio includes three oil refineries in Europe, stakes in oil fields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, and Nigeria, as well as numerous retail gas stations worldwide, including in the United States.

The first to express interest in acquiring these assets was the Swiss company Gunvor, which has ties to Gennady Timchenko – a friend of Vladimir Putin. However, after the U.S. Treasury indicated that it would not support the deal until the end of Russia’s war against Ukraine, Gunvor withdrew its intentions.

Subsequently, other international players have shown interest in purchasing Lukoil’s assets. Among them are major American oil companies Exxon Mobil and Chevron, the Hungarian oil and gas company MOL, and Austrian businessman Bernd Bergmaier, known as the former owner of Pornhub.

“The company is also continuing negotiations with other potential buyers,” the press service stated.