Carlyle ends pursuit of Lukoil’s overseas assets
Shafaq News- Washington
US investment firm Carlyle has stopped “actively pursuing” the acquisition of Russian oil giant Lukoil’s international assets after their agreement expired, S&P Global Energy’s Platts reported on October 9, citing a Carlyle spokesperson.
According to a document Lukoil submitted to Austrian authorities on September 30, the agreement signed in January 2026 expired at the end of July after failing to secure approval from the US Treasury Department’s Office of Foreign Assets Control (OFAC).
Lukoil, meanwhile, disclosed that it was engaged in intensive negotiations with other potential buyers for its international subsidiary, which holds most of its overseas assets.
The proposed sale followed US sanctions imposed on Lukoil in October 2025, which complicated its international operations. OFAC said on September 18 that it renewed its sanctions general license until October 22 to allow Lukoil to continue negotiating and enter contingent agreements for the sale of its international assets. Any actual sale, disposition, or transfer would still require separate OFAC authorization.
Lukoil’s international portfolio includes stakes in three European refineries with a combined processing capacity of 400,000 barrels per day, fuel retail networks across Central and Eastern Europe, and oil and gas projects in Azerbaijan, Iraq, and several other countries.
In Iraq, its assets include the West Qurna 2 oilfield, which accounts for approximately 10% of the country's crude production and 0.5% of global oil supply. In July, Basra Oil Company Director General Bassem Abdul Karim told Shafaq News that negotiations with US energy company Chevron over the field’s development had made progress, with no major obstacles remaining to a final agreement. He explained that the state-owned company would manage West Qurna 2 temporarily for six months following Lukoil’s withdrawal while talks with Chevron continued.
