Lukoil announced on 29 January that it had signed an agreement with Carlyle to sell LUKOIL International GmbH, the subsidiary that owns its oil and gas assets outside Russia, apart from those in Kazakhstan.
Why The Carlyle Group is buying LUKOIL International GmbH
Lukoil said the unit was for sale because of restrictive measures imposed by several countries on the company and its subsidiaries. The US Treasury had set a deadline of 28 February 2026 for Lukoil to divest its international portfolio.
Deal terms and financing
Financial terms were not disclosed. The agreement was not exclusive, and Lukoil said it was continuing negotiations with other potential purchasers.
Regulatory approvals and timing
Completion depended on conditions precedent including permission from the US Treasury's Office of Foreign Assets Control. Interfax reported on 8 October 2026, citing LUKOIL International's report for 2025, that the agreement with Carlyle expired at the end of July 2026 because OFAC had not approved it, and that intensive negotiations with other interested parties were under way.
Market context
LUKOIL International's assets span operations in Europe, the Middle East, Africa, Central Asia and Mexico. The United States sanctioned Lukoil in October 2025, forcing the group to seek buyers for its foreign businesses.
