Lukoil's Global Asset Sale: Navigating Sanctions and Potential Buyers

Russia's Lukoil faces a December 13 deadline to negotiate the sale of its international assets worth $22 billion, due to U.S. sanctions. Key assets include major stakes in oil and gas projects across the Middle East, Africa, and Latin America. Potential buyers are diverse, including U.S. oil majors and international equity firms.

Lukoil, Russia's prominent oil corporation, is working against a tight deadline of December 13 to negotiate selling a significant portion of its international assets. These transactions are in response to U.S. sanctions, which have resulted in the rejection of the company's initial buyer, Gunvor, a Swiss commodity trader.

With assets valued at approximately $22 billion, Lukoil's holdings span upstream oil and gas ventures and over 2,000 filling stations stretching across Europe, Central Asia, the Middle East, and the Americas. Any potential sale will require direct approval from the U.S. Treasury.

Potential buyers are a multinational group, including American oil giants Exxon Mobil and Chevron Corp, Abu Dhabi's International Holding Company, Austrian investor Bernd Bergmair, and the U.S.-based private equity firm Carlyle, among others. Lukoil's presence includes stakes in major projects such as Iraq's West Qurna 2, the UAE's Ghasha concession, and Ghana's Pecan oilfield.

(With inputs from agencies.)