US investment company Carlyle is considering buying international assets of Russian oil company Lukoil, Reuters reported on 13 November, citing sources.
Carlyle is at an “early stage” of exploring the deal, one of the agency’s sources said. He said the company is considering submitting a bid to get US authorities to authorise the purchase, after which it will begin due diligence on the assets.
The source noted that Carlyle could walk away from the deal. A second source said Carlyle has informed Lukoil that it intends to buy its assets.
Carlyle declined to comment and Lukoil also did not respond to Reuters’ request for comment.
The United States announced sanctions against Lukoil in October, they will come into force on 21 November. In response, the Russian company decided to sell its international assets. The first bidder was the Swiss company Gunvor, whose founders include Gennady Timchenko, a friend of Vladimir Putin. The US blocked the sale of the Swiss company’s assets. Lukoil has since asked the U.S. for more time to sell the assets, Reuters wrote.
Lukoil has remained Russia’s most active oil company abroad for decades. The company has three refineries in Europe, stakes in oil fields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and Nigeria, and hundreds of petrol stations around the world, including in the United States. LUKOIL’s international assets account for over 0.5% of global oil. As of 2024, they were valued at about $22 billion.
Carlyle-one of the world’s largest private equity firms- manages $474 billion in assets.