Published by Global Banking & Finance Review®
Posted on January 12, 2026
2 min readLast updated: January 19, 2026
Carlyle and Chevron-Quantum lead the race to acquire Lukoil's assets as U.S. sanctions deadline looms, requiring regulatory clearance.
By Anna Hirtenstein, Shariq Khan and Timothy Gardner
LONDON/NEW YORK/WASHINGTON, Jan 12 (Reuters) - Private equity giant Carlyle, a group comprising oil major Chevron and Quantum Capital Group as well as UAE-based investor International Holding Company are competing for the global assets of Russia's Lukoil as a U.S. deadline to sell them expires this week, sources said.
The United States imposed sanctions on Lukoil and its peer Rosneft in October to push the Kremlin to a peace deal with Ukraine and has given Lukoil until January 17 to sell its global portfolio, valued at $22 billion.
The assets include oil fields in many countries including Iraq, Azerbaijan and Kazakhstan as well as refineries and petrol stations in Europe and the United States.
The firm's operations have been disrupted around the world due to sanctions and a lack of banking lines while Iraq has nationalised Lukoil's biggest oil field, West Qurna 2.
Lukoil has been holding talks with potential investors since November, the four industry sources said.
Carlyle declined to comment. IHC did not respond to a request for comment. Chevron and Quantum declined to comment.
Once Lukoil reaches a deal, the future buyer needs to obtain clearance from the U.S. Department of the Treasury's Office of Foreign Assets Control, according to U.S. regulations.
OFAC may extend the current general licence and allow negotiations between Lukoil and buyers to continue, three of the four sources said.
Treasury did not immediately respond to a request for comment.
OFAC may opt to grant individual licences to one or several potential buyers before the January 17 deadline, a fifth source said.Treasury has blocked two attempted deals so far, first between Lukoil and Swiss trading group Gunvor in October and a proposed share swap engineered by Xtellus Partners, the former U.S. arm of Russian bank VTB, in December.
(Reporting by Anna Hirtenstein in London, Shariq Khan in New York and Timothy Gardner in Washington. Additional reporting by Dmitry Zhdannikov; Editing by Matthew Lewis)
Lukoil is a major Russian multinational energy corporation involved in the extraction, production, and distribution of oil and gas. It is one of the largest oil companies in the world.
Private equity refers to investment funds that buy and restructure companies not listed on public exchanges. These funds typically aim to improve financial performance and eventually sell the companies for profit.
A partnership in business is a formal arrangement where two or more parties agree to manage and operate a business together, sharing profits, losses, and responsibilities.
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