The transaction involves the sale of LUKOIL International GmbH (a 100% subsidiary of PJSC “LUKOIL”, which owns foreign assets of Lukoil Group). The transaction does not include assets in Kazakhstan, they will remain in the ownership of Lukoil Group and will continue to operate under the relevant license.
Conclusion of the deal is possible if several conditions are met. It is required to obtain the necessary regulatory approvals, in particular, the authorization for the transaction with Carlyle must give the Office of Foreign Assets Control of the U.S. Treasury (OFAC). The agreement with Carlyle is not exclusive, and Lukoil continues to negotiate with other potential buyers.
According to the Russian company, in Moldova it owns about 106 out of 570 operating gas stations in the country, 3 oil depots and a fuel terminal at the Chisinau airport. The last object is claimed by the government of the Republic of Moldova. However, last week Lukoil refused to transfer the ownership rights to it, paying a fine of 5 million lei. So the further fate of this asset is still in question.
In October 2025, the United States imposed sanctions against Lukoil and six of its subsidiaries. After that, the company decided to sell its foreign assets. On January 14, the U.S. Finance Ministry extended the license for operations to sell Lukoil’s foreign assets until February 28.
The investment company Carlyle became one of the contenders for Lukoil’s assets after the deal with Gunvor fell through. It is one of the world’s largest private equity firms and manages assets worth $474 billion. Other contenders included a tandem of the American oil company Chevron and the private investment group Quantum Energy Partners.
The assets in Kazakhstan are claimed by the government of this country and Hungarian MOL.
