Carlyle drops out of race for Lukoil international assets

Carlyle

09/10/2026 10:04

LONDON, Oct 9 (Reuters) - US private equity firm Carlyle Group CG.O said on Friday it was no longer actively pursuing a deal to acquire international assets of Russia's second-largest oil producer Lukoil LKOH.MM, a spokesman for the firm said.
The group did not comment further.
The assets were put up for sale last year following sanctions imposed by the United States over Russia's war in Ukraine. Another Russian oil major, Rosneft ROSN.MM, was also sanctioned, but it has not announced any divestments.
Carlyle had initially agreed on January 29 to buy Lukoil's assets, excluding those in Kazakhstan. The fund was in talks to partner with Abu Dhabi-based funds Mubadala, XRG and IHC, as well as the US Development Finance Corporation for the deal, according to people familiar with the matter.
The Lukoil portfolio, initially valued at around $22 billion, had attracted interest from at least a dozen companies including Exxon Mobil XOM.N and the former owner of Pornhub, Bernd Bergmair.        
The Financial Times reported last month that US billionaire businessman Todd Boehly secured the backing of the US government and Gulf power brokers with ties to Donald Trump's family to bid for Lukoil's international assets.

 (Reporting by Shadia Nasralla; writing by Vladimir Soldatkin;Editing by Elaine Hardcastle)
 ((vladimir.soldatkin@thomsonreuters.com; twitter: @vsoldatkin;))