Sunday, 1 February 2026
Lukoil has signed an agreement to sell its international assets to the U.S. investment firm The Carlyle Group, the Russian oil producer announced on its website on 29 January 2026. The transaction excludes Lukoil’s assets in Kazakhstan, which will remain under the company’s ownership.
The value of the deal has not been disclosed. According to Carlyle, completion of the transaction is subject to the outcome of an internal audit and approval by the U.S. authorities, as reported by Reuters.
The sale follows international sanctions imposed on Russia’s energy sector after the invasion of Ukraine. In October 2025, the United States added Lukoil to its sanctions list, a move that accelerated the company’s efforts to divest assets outside Russia.
Lukoil’s foreign operations are managed through Lukoil International GmbH, based in Vienna. The unit controls refineries in Europe, stakes in oil fields in countries including Uzbekistan, Iraq and Mexico, as well as a network of hundreds of fuel stations worldwide. Including the assets in Kazakhstan, the total value of Lukoil’s international portfolio has previously been estimated at around USD 22 billion.
Carlyle stated that its priority following the acquisition would be to ensure continuity of operations, protect jobs and stabilise the assets. The firm added that it intends to oversee the portfolio to support safe and reliable operations.
Interest in Lukoil’s international assets has been reported for several months. In October, the company accepted an offer from Swiss-based Gunvor, which was later withdrawn. Other potential buyers mentioned in media reports included Hungary’s MOL Group and Austrian investor Bernd Bergmair.
While Lukoil and other major Russian energy companies were added to the U.S. sanctions list in October, some restrictions affecting Lukoil were partially suspended in December. The exemption was intended to allow fuel stations outside Russia to continue operating, provided that revenues do not flow back to Russia. This waiver is valid until 29 April 2026.
Lukoil previously operated a network of fuel stations in the Czech Republic, which was sold to Hungary’s MOL Group in 2014.
Source: CTK
