High Stakes Race for Lukoil's Global Assets Amid Sanctions Deadline

Private equity major Carlyle and other investors are vying for Lukoil's global assets, with a U.S. deadline looming. Sanctions on Lukoil aim to pressure Russia into peace with Ukraine. The assets, valued at $22 billion, include oil fields and refineries worldwide. Clearance from U.S. authorities is required for any deal.

Private equity titan Carlyle, alongside Chevron, Quantum Capital Group, and UAE's International Holding Company, finds itself in a competitive race to acquire the global assets of Russia's Lukoil. As the U.S. sanctions deadline expires this week, these entities are positioning themselves strategically, according to insider sources.

In a move to pressure the Kremlin into a Ukraine peace agreement, the U.S. imposed sanctions on Lukoil and Rosneft, giving Lukoil until January 17 to divest its $22 billion global portfolio. This extensive asset range includes oil fields across Iraq, Azerbaijan, and Kazakhstan, as well as refineries and petrol stations throughout Europe and the U.S.

Despite sanctioned disruptions and dwindling banking lines, hopeful buyers are engaging in discussions while awaiting clearance from the U.S. Department of the Treasury's Office of Foreign Assets Control. Past attempts to secure deals have already been blocked, underscoring the high stakes in this international energy grab.