Global Energy Giants Compete for Lukoil's Coveted Assets

Lukoil's global assets are attracting bids from major companies, including Chevron and Carlyle. Despite initial agreements, negotiations continue with various parties amid U.S. sanctions. The $22 billion portfolio has drawn interest from Exxon Mobil and others, requiring approval from OFAC, the Kremlin, and the Russian central bank.

Intense competition surrounds the sale of Lukoil's global assets, with energy giants such as Chevron and Carlyle expressing interest. Despite preliminary agreements, negotiations are ongoing, fueled by the U.S. Treasury's imposed sanctions that press for peace with Ukraine.

The $22 billion asset portfolio has caught the attention of a spectrum of companies, with significant interest from notable players like Exxon Mobil and controversial figures like Bernd Bergmair. Multiple potential buyers are in the mix, each needing approval from various government bodies.

Carlyle's current agreement excludes assets in Kazakhstan and seeks partnerships with prominent funds like Abu Dhabi's Mubadala and the U.S. Development Finance Corporation. Meanwhile, an innovative consortium plan involving frozen shares is on the table, reflecting the complex landscape of this high-stakes deal.

(With inputs from agencies.)