Russia’s Lukoil PJSC agreed to sell most of its international assets to private equity giant Carlyle Group, three months after being hit by US sanctions.
The deal doesn’t include assets in Kazakhstan, the oil producer said Thursday in a statement, without disclosing financial terms. The transaction is subject to regulatory approvals and talks with other potential buyers continue, it said.
The US last year blacklisted the company and peer Rosneft PJSC as the Trump administration ramped up pressure on the Kremlin to end the war in Ukraine. The move sent shockwaves across countries where Lukoil operates, prompting some governments to press Washington for special licenses.
The proposed transaction has been structured to be “fully compliant” with the requirements of the US Office of Foreign Assets Control, Carlyle said in a separate statement. The firm said it’ll ensure “operational continuity, preserving jobs, stabilizing the asset base and supporting safe, reliable performance.”
Lukoil announced in October it had agreed to sell its international assets to energy trader Gunvor Group, but the deal collapsed after the US Treasury described Gunvor as the Kremlin’s “puppet.” The assets subsequently drew attention from companies including Exxon Mobil Corp., Chevron Corp. and Abu Dhabi National Oil Co.
As Russia’s most internationally diversified oil company, Lukoil has stakes in refineries in Europe, significant holdings in oil fields from Iraq to Kazakhstan and a network of 5,300 fuel stations in 20 countries.
Kazakh Interest
Kazakhstan has expressed an interest in buying out Lukoil’s share of joint projects in the country and has submitted a request to OFAC, Interfax reported this week, citing Energy Minister Yerlan Akkenzhenov.
Following the imposition of sanctions, Lukoil’s international oil-trading business has had to wind down operations in some locations. In the US, gasoline stations linked to the company experienced issues with card payments, while its fuel-retail unit Oy Teboil Ab filed for bankruptcy in Finland.
Special waivers that have allowed certain Lukoil operations and transactions to continue have been extended several times, but most are due to expire Feb. 28.
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