Carlyle Group Withdraws Bid for $22 Billion Lukoil Assets

The Carlyle Group announced on October 9 that it is no longer pursuing the acquisition of international assets from Lukoil, Russia's second-largest oil producer. The portfolio, which includes a refinery in Burgas, Bulgaria, is valued at approximately $22 billion. Lukoil initiated the sale last year following United States sanctions related to the war in Ukraine.

Carlyle had previously agreed to the purchase on January 29, excluding assets in Kazakhstan. The firm sought partnerships with the US Development Finance Corporation and Abu Dhabi-based funds, including Mubadala, XRG, and IHC. However, the deal expired at the end of July because the U.S. Treasury Department’s Office of Foreign Assets Control did not authorize the proposal.

While Carlyle has withdrawn, other parties remain interested in the assets. U.S. billionaire Todd Boehly continues to be a potential buyer, reportedly seeking backing from Washington and Persian Gulf states. Other previously interested parties included Exxon Mobil and businessman Bernd Bergmair.