U.S. private equity firm Carlyle is examining whether to pursue the overseas holdings of Russia’s Lukoil, according to a Reuters report citing three individuals familiar with the discussions. Reuters reported that the review comes as Lukoil faces a 21 November 2025 U.S. sanctions deadline that limits its ability to complete transactions without special approval.
According to Reuters, the U.S. government has already blocked Lukoil’s attempt to sell the assets to Swiss-based trader Gunvor. The report noted that Gunvor withdrew after the U.S. Treasury signalled it would stop the deal and referred to the trader as a Kremlin “puppet.”
Lukoil, responsible for around 2% of global oil production across its domestic and international operations, has been seeking buyers for its overseas portfolio. Reuters reported that these assets account for about 0.5% of global oil output and were valued at roughly $22 billion based on the company’s 2024 filings.
One source told Reuters that Carlyle is at an initial stage and intends to apply for a U.S. licence before starting detailed due diligence, adding that the firm may still decide against proceeding. Another source confirmed to Reuters that Lukoil has been made aware of Carlyle’s interest. Carlyle declined to comment, and Lukoil did not respond to Reuters’ request for comment.
Reuters cited sector specialists who noted that the asset package includes three European refineries, oilfield stakes in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and Nigeria, and fuel retail stations in several regions, including the United States. Some countries’ moves to nationalize certain assets and the operational disruptions caused by recent U.S. sanctions in Iraq, Finland and Bulgaria were identified in the Reuters report as complicating factors for any transaction.
Reuters also reported that Carlyle manages approximately $474 billion in assets across its global investment platforms.
Source: Reuters report (14 November 2025)
