Lukoil Faces Deadline to Sell Foreign Assets

Russian oil giant Lukoil must complete the sale of its overseas assets, including stakes in Kazakhstan's oil projects, by January 17.

The company, targeted by US sanctions, is forced to exit foreign markets, The Caspian Post reports via foreign media.

Potential buyers include US investment firm Carlyle, a Chevron-Quantum Capital Group consortium, and the UAE’s International Holding Company. The assets are valued at approximately $22 billion and include fields in Kazakhstan, Iraq, and Azerbaijan, refineries, and gas station networks in Europe and the US.

None of the bidders have commented publicly. The final approval rests with the US Treasury’s Office of Foreign Assets Control (OFAC), which must authorize the transfer of assets. Sources said that OFAC could extend negotiations or issue individual licenses, after previously blocking deals with Gunvor in October and Xtellus Partners in December.

Lukoil continues negotiations with potential buyers. The deal must be approved by January 17, or the company risks losing control over the terms of its asset sales.