Russian oil company Lukoil has signed an agreement to sell its foreign assets. The buyer of LUKOIL International GmbH will be the US investment company Carlyle. The transaction does not affect Lukoil’s assets in Kazakhstan.
In a statement, the Russian company said that the agreement is not exclusive and that its implementation depends on the fulfillment of a number of conditions, including the buyer obtaining approval for the transaction from the US Treasury’s Office of Foreign Assets Control (OFAC).
“The agreement is not exclusive, and its implementation depends on the fulfillment of a number of conditions, including the buyer obtaining authorization for the transaction from the Office of Foreign Assets Control of the US Treasury,” the statement said.
Lukoil also continues negotiations with other potential buyers.
The sale of LUKOIL International GmbH is linked to the imposition of sanctions against Lukoil, primarily by the United States and the United Kingdom. The sanctions came into force in October last year. After that, Lukoil announced its intention to sell its foreign assets. Trader Gunvor had been expected to act as the buyer, but the US Treasury said it would not issue the relevant license.
Media outlets have also reported interest in the assets from Chevron Corp. and ExxonMobil, Abu Dhabi state company ADNOC, the Emirati conglomerate International Holding Company (IHC), businessman Todd Boehly with a group of investors from the UAE, Saudi Arabia–based company Midad Energy, as well as Austrian businessman Bernd Bergmaier.