• Lukoil agrees in principle to sell international assets to Carlyle

• Deal covers assets outside Russia, excluding Kazakhstan

• Sale non-exclusive, pending regulatory and OFAC approvals

Russian oil group Lukoil, which operates in several African countries, has announced an agreement in principle with U.S. investment firm The Carlyle Group for the sale of its international assets. Several other companies have also expressed interest in the holdings.

In a statement issued on Thursday, Jan. 29, the group said it had reached a deal with Carlyle for the sale of Lukoil International GmbH, a subsidiary that holds nearly all of the company’s assets outside Russia.

The transaction covers Lukoil’s interests, facilities and operations outside Russia, including in Africa, Europe, the Middle East, Central Asia and Latin America. Assets located in Kazakhstan are excluded from the deal, the company said.

Lukoil added that the agreement with Carlyle is non-exclusive, meaning it can continue discussions with other potential buyers interested in acquiring these assets.

The group did not disclose the value of the potential transaction or indicate when it expects to complete the sale. According to reports from several international media outlets, Lukoil’s foreign assets are estimated to be worth around $22 billion. They include oil fields, refineries, service stations and trading activities.

The announcement comes after the Russian group had previously accepted an offer from Gunvor to purchase all of its international assets. As reported by Ecofin Agency in October 2025, that proposal was subject to several conditions, including Gunvor obtaining approval from the Office of Foreign Assets Control (OFAC), the U.S. agency responsible for enforcing sanctions. In early November, Gunvor ultimately withdrew from the process, according to the same source.

At least 10 other companies, in addition to Gunvor and Carlyle, have expressed interest in the assets. U.S. multinationals Chevron and ExxonMobil, as well as Gulf-based firms such as Saudi Arabia’s Midad Energy and the United Arab Emirates’ International Holding Company, have been mentioned, Reuters reported.

As in the Gunvor case, the transaction with Carlyle remains subject to the necessary regulatory approvals, including clearance from OFAC, Lukoil said. The completion of the deal will depend on securing these authorizations.

Abdel-Latif Boureima