Lukoil: Carlyle and Chevron-led group among bidders for assets
Published on: Jan 15, 2026
U.S. deadline for $22 billion portfolio sale approaches amid sanctions and global operational disruptions.
Private equity firm Carlyle, a consortium including Chevron and Quantum Capital Group, and UAE-based International Holding Company (IHC) are three among the frontrunners to acquire the global assets of Russia’s Lukoil.
The sale comes as a U.S. deadline to divest expires on January 17, following sanctions imposed in October aimed at pressuring Moscow toward a peace deal with Ukraine, as reported by Reuters. Lukoil’s international portfolio, valued at $22 billion, spans oil fields in Iraq, Azerbaijan and Kazakhstan, as well as refineries and fuel retail networks in Europe and the United States.
Sanctions and restricted banking access have disrupted operations worldwide, while Iraq recently nationalized Lukoil’s largest oil field, West Qurna 2. Talks with potential buyers have been ongoing since November and, once a deal is reached, the buyer must secure clearance from the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
Regulators may extend the current general license to allow negotiations to continue beyond the deadline, three sources added.
