US extends deadline for buyers of Lukoil foreign assets until November 21

US Extends Deadline for Buyers of Lukoil Foreign Assets to November 21

Extension of Deadline and Background on Lukoil Asset Sale

MOSCOW, Oct 22 (Reuters) - The US has extended the deadline for companies to negotiate with Russian oil major Lukoil about buying its foreign assets until November 21, according to the US Office of Foreign Assets Control.

Reason for Deadline Extension

The deadline was extended after the US private equity firm Carlyle Group dropped its bid earlier this month.

Sanctions on Russian Oil Producers

Washington imposed sanctions in October 2025 on Lukoil, Russia's second-largest oil producer, and Rosneft, its top producer, to reduce Moscow's ability to pay for its military campaign in Ukraine.

Impact on Lukoil and Rosneft Assets

Lukoil's assets were put up for sale last year, while Rosneft has not announced any divestments.

Carlyle Group's Bid and Partners

Carlyle had initially agreed on January 29 to buy Lukoil's assets, excluding those in Kazakhstan.

Potential Partners in the Deal

The fund was in talks to partner with Abu Dhabi-based funds Mubadala, XRG and IHC, as well as the U.S. International Development Finance Corporation for the deal, according to people familiar with the matter.

Interest from Other Buyers

Valuation and Interested Parties

The Lukoil portfolio, initially valued at around $22 billion, had attracted interest from at least a dozen companies including Exxon Mobil and the former owner of Pornhub, Bernd Bergmair.

Reporting Credits

(Reporting by Vladimir SoldatkinEditing by Tomasz Janowski)