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yesterday

Carlyle Taps Goldman Sachs for Bid on Lukoil’s Overseas Assets

Treasury clearance is required before any sale of the sanctioned company’s $22 billion portfolio can close.

Carlyle signage displays at the office in Manhattan in New York City, U.S., February 26, 2025. REUTERS/Jeenah Moon
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Overview

  • Carlyle has hired Goldman Sachs to advise on its pursuit of Lukoil’s foreign portfolio, according to Reuters.
  • The assets are valued at about $22 billion and include oilfields, refineries, and thousands of fuel stations across multiple regions.
  • At least a dozen bidders are in the running, including Exxon Mobil, Chevron, Abu Dhabi’s IHC, and Saudi Arabia’s Midad Energy.
  • The U.S. Treasury has already blocked bids from Gunvor and Xtellus Partners, with the Xtellus proposal reportedly hindered by the use of sanctioned securities.
  • Lukoil faces a January 17 deadline to conclude talks, and sources say Midad has proposed an all-cash offer with funds held in escrow until U.S. sanctions are lifted.