Carlyle Faces Rival Bidders for Lukoil Global Assets

Key Moments

Multiple Buyers Remain in Play

Chevron is one of at least two bidders actively pursuing Lukoil’s global asset portfolio even after Lukoil reached an initial agreement to sell to U.S. private equity firm Carlyle, according to four sources familiar with the talks.

The Russian energy group has a deadline of February 28 to complete the divestment, the latest date set by the U.S. Treasury. The Treasury imposed sanctions on Lukoil and Rosneft last year in an effort to pressure Moscow to agree to a peace arrangement with Ukraine.

Two sources said a partnership between Chevron and Texas-based Quantum Energy Partners, along with a separate consortium led by investment bank Xtellus Partners, remains in active discussions with both Lukoil and U.S. authorities about acquiring the assets. The sources requested anonymity due to the sensitivity of the negotiations.

One source close to Lukoil described the situation as still fluid, noting: “It’s definitely not a done deal yet, Carlyle is just now starting to take a closer look at Lukoil’s assets. The winds could still change on this sale.”

Lukoil has publicly stated that it continues to engage with other potential acquirers. Quantum and Chevron both declined to comment on the matter.

🛢️ Lukoil Assets Are Still in Play

The Carlyle talks didn’t close the door.

They opened the race.

At least 2 rival bidders, including #Chevron, are now pursuing Lukoil’s international assets.

• Sanctioned assets still attract top-tier buyers
• Global portfolios = upstream +… pic.twitter.com/w4oZnCEDF0

— Jack Prandelli (@jackprandelli) February 5, 2026

Carlyle’s Bid and Regulatory Hurdles

Lukoil’s international portfolio, initially valued at around $22 billion, has drawn interest from at least a dozen suitors, ranging from Exxon Mobil to Bernd Bergmair, the former owner of Pornhub, according to the article.

The U.S. Treasury’s Office for Foreign Assets Control (OFAC) has already turned down proposals from Geneva-based commodity trader Gunvor and from Xtellus.

Carlyle reached an agreement on January 29 to acquire Lukoil’s assets, excluding those located in Kazakhstan. According to sources, Carlyle is in discussions to form a partnership with Abu Dhabi-based Mubadala, XRG and IHC, as well as the U.S. International Development Finance Corporation, to support the transaction.

The Carlyle agreement is not yet final. It requires OFAC approval and, according to sources close to the process, Lukoil would also need formal authorization from the Kremlin and the Russian central bank.

Rival Consortium Structures Alternative Proposal

Xtellus, described as the former U.S. branch of Russian bank VTB, is working as part of a consortium with American billionaire Todd Boehly and UAE-based Allied Investment Partners, according to people with knowledge of the situation.

This group has proposed a structure in which the consideration for Lukoil’s assets would be paid using frozen Lukoil shares owned by U.S. investors instead of cash.

A sixth source said the consortium is still trying to move this concept forward and has held discussions with U.S. officials to explore the feasibility of the plan.

Overview of Key Parties and Proposals