Lukoil to sell global assets to Carlyle Group

US-based private equity firm Carlyle Group has signed an agreement to purchase most of Lukoil's international assets.  

IMAGE: Flags of Russia and Ukraine. Getty Images

The companies have not disclosed the sale price, and the transaction still requires approval from the US regulators.

Lukoil, Russia’s second-largest oil producer, has been compelled to divest its overseas assets, following stringent US sanctions imposed last year.

“The transaction does not include the assets in Kazakhstan which will remain to be owned by LUKOIL Group and continue their operations under respective license,” Lukoil said in a statement.

Separately, Kazakhstan has filed a formal bid with the US treasury department, to buy out Lukoil’s assets in the OPEC+ country, Reuters reported, citing Kazakhstan’s Energy Minister Yerlan Akkenzhenov.

In October 2025, the US sanctioned Russia’s biggest oil producers – Rosneft and Lukoil – and their subsidiaries. The move was in response to Russia’s invasion of Ukraine, now entering its fourth year.

Lukoil subsequently announced plans to divest its international assets, after which Swiss energy and commodities trader Gunvor Group said it would acquire those overseas holdings.

The sanctioned company has about $22 billion worth of foreign assets, according to Reuters.

Earlier this month, the US Department of Treasury (DoT) extended its licence for the sale of its international assets until 28 February.

By Aparupa Mazumder

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