Carlyle Explores Purchase of Lukoil’s Foreign Assets

US private equity company Carlyle is examining the possibility of acquiring Russian oil company Lukoil’s foreign assets, Reuters reports.

The United States has imposed sanctions on Lukoil as part of its efforts to push the Kremlin towards peace talks over Ukraine. These sanctions have also blocked Lukoil’s attempt to sell assets to Swiss-based trader Gunvor before the November 21 deadline.

Lukoil produces roughly 2% of the world’s oil output domestically and abroad, with its international assets contributing about 0.5% of global production. These assets are estimated to be worth around $22 bn, based on 2024 filings. Carlyle is said to be in the early stages of considering a purchase.

Reuters was the first to report Carlyle’s interest. The company intends to apply for a US licence to enable the purchase before starting due diligence but may still decide not to proceed. Carlyle has informed Lukoil of its intentions.

Gunvor withdrew from the bid after the US Treasury indicated it would block the deal, describing the Swiss trader as a Kremlin «puppet.» Analysts suggest Carlyle may have a better chance of gaining US approval.

The US Treasury has set a November 21 deadline after which deals with Lukoil will be prohibited. Lukoil has requested an extension. Experts note that while Carlyle could acquire the assets at a favourable price, assessing their value properly under the time constraints may be challenging. Some countries’ efforts to nationalise certain assets further complicate potential deals.

Carlyle is among the world’s largest private equity and alternative asset management firms, with $474 bn in assets under management.