"Lukoil" concluded a deal on the sale of foreign assets. Who became the buyer?

Russian oil company Lukoil has concluded a deal to sell its foreign assets. The buyer was the American investment company Carlyle, according to a statement on Lukoil's website.

The amount of the deal was not disclosed. Financial Times earlier wrote that Lukoil estimates its foreign assets at $22 billion.

Carlyle will own 100% of Lukoil's subsidiary LUKOIL International GmbH, which owns the Russian oil company's foreign assets. Among other things, it concerns Lukoil's oil and gas production projects, as well as oil refineries and more than 2,000 gas stations in Europe, Asia and the Middle East. Lukoil's assets in Kazakhstan are not included in the agreement with Carlyle, the company said in a release: they "will continue to operate under the relevant license".

Carlyle was founded as a small investment bank in 1987 in Washington, DC. Today the company, according to information on its website, manages $474 billion in assets and is one of the largest investment companies in the world. Carlyle's CEO since 2023 has been Harvey Schwartz. He previously worked at Goldman Sachs from 1997 to 2018, where his last position was President and Co-Chief Operating Officer. Carlyle Group shares have traded on the Nasdaq since 2012. They added 0.36% to $60.54 apiece at the close of trading on Jan. 28.

The Russian oil company's agreement with Carlyle must now be approved by regulators, including the US Treasury's Office of Foreign Assets Control (OFAC), Lukoil said in a statement.

Earlier, foreign assets of the Russian oil company were claimed by, among others, American Chevron and private investment group Quantum Energy Partners, as well as conglomerate International Holding Company from Abu Dhabi.

The sale of Lukoil's international assets "is related to the introduction by certain states of restrictive measures against the company and its subsidiaries," the release said. In October last year, Lukoil fell under US sanctions.

This article was AI-translated and verified by a human editor