Carlyle Group to Acquire Lukoil's International Assets Amid Sanctions

U.S. private equity firm Carlyle Group is set to buy most of Lukoil's international assets worth $22 billion, a sale prompted by U.S. sanctions. The acquisition, pending regulatory approval, aims to stabilize operations amid global negotiations surrounding the Ukraine conflict. Lukoil retains some stakes in Kazakhstan.

U.S. private equity firm Carlyle Group has announced its agreement to purchase the majority of Russian oil giant Lukoil's foreign holdings, valued at $22 billion. This strategic move is a result of U.S. sanctions requiring Lukoil, Russia's second-largest oil company, to divest its international assets as negotiations to resolve the Ukraine conflict unfold.

The pending transaction, which requires the green light from U.S. sanction administrators, highlights Carlyle's commitment to maintaining operational continuity, job preservation, and asset stabilization across Lukoil's portfolio. Lukoil has also confirmed that it's engaging with other prospective buyers for its assets spread across Europe, the Middle East, Africa, and Central Asia.

Lukoil will retain holdings in Kazakhstan, not included in the sale. Meanwhile, at least a dozen companies, including Exxon Mobil, Chevron, and Saudi Arabia's Midad Energy, have shown interest in the assets. The U.S. has blocked previous deals, emphasizing the complexity of geopolitical and regulatory landscapes in play.

(With inputs from agencies.)