U.S. private equity giant Carlyle is exploring options to buy Russian oil major Lukoil’s foreign assets, three sources familiar with the situation said.
The U.S. has hit Lukoil with sanctions as part of its effort to bring the Kremlin to peace talks over Ukraine, and has blocked Lukoil’s attempt to sell assets to Swiss-based trader Gunvor ahead of the November 21 sanctions deadline.
Lukoil extracts about 2% of global oil output at home and abroad, and has said it is seeking buyers for its international assets, which produce over 0.5% of global oil and are estimated to be worth about $22 billion, based on 2024 filings.
Carlyle is in the early stages of exploring a purchase of the assets, one of the sources said.
It is looking at applying for a U.S. licence allowing it to buy the assets and then beginning due diligence, the source said, adding that it could still decide to walk away.
Carlyle has made Lukoil aware of its intentions, a second source said.
Carlyle declined to comment. Lukoil did not respond to a request for comment.
For decades, Lukoil has been Russia’s most active oil major abroad, helping Moscow project soft economic power overseas.
Lukoil has three refineries in Europe, stakes in oilfields in Kazakhstan, Uzbekistan, Iraq and Mexico, Ghana, Egypt and Nigeria, and hundreds of retail fuel stations around the world, including in the United States.
The sanctions have also already disrupted Lukoil’s operations in Iraq, Finland and Bulgaria.
Carlyle, one of the world’s biggest private equity, alternative asset management and financial services firms, has $474 billion of assets under management.
(Reporting by Dmitry Zhdannikov Editing by Mark Potter)