Russia’s second-largest oil producer, Lukoil, has agreed to sell the bulk of its international assets to US private equity firm Carlyle Group, a potential deal that would accelerate Moscow’s retreat from key Middle Eastern energy projects, including some of the region’s largest oil and gas developments.
The agreement, if approved, would be a landmark transaction structured to meet the conditions set by the US Office of Foreign Assets Control (Ofac). The deal, announced on Thursday, depends on receiving regulatory approval, including Ofac clearance, and excludes Lukoil’s holdings in Kazakhstan.
Lukoil said the agreement with Carlyle was “not exclusive for the company” and th
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