US private equity firm Carlyle Group has agreed to buy most of Lukoil’s foreign assets, initially valued at $22 billion by analysts, which Russia’s second-largest oil company is being forced to sell because of US sanctions.
The planned sale, announced by both companies yesterday, comes just as Russian, Ukrainian and US negotiators try to reach a deal to end the war in Ukraine, and would mark the end, for now, of Lukoil’s attempt to become a global player.
“Carlyle’s approach to Lukoil International would be on ensuring operational continuity, preserving jobs, stabilizing the asset base and supporting safe, reliable performance across the portfolio by bringing to bear dedicated oversight and international operating capabilities,” Carlyle said in a statement.
Lukoil, which also announced the planned sale in a statement, said it was continuing negotiations with other potential buyers.
Neither Lukoil nor Carlyle gave a price for the sale, which still requires approval from the Office of Foreign Assets Control (OFAC), the US agency which administers sanctions.
The US Treasury had given Lukoil until February 28 to sell its global portfolio.
&uuid=(email))