The Carlyle Group has reached a definitive agreement to acquire the majority of Lukoil’s international portfolio in a transaction valued at $22 billion. The deal represents one of the largest private equity carve-outs in the energy sector this year, signaling a major shift in the ownership of global fossil fuel infrastructure.
The acquisition encompasses a vast network of upstream and downstream assets across Europe and the Americas. However, the scope of the deal remains strategically curtailed. Assets located in Kazakhstan have been explicitly excluded from the transaction, as the Kazakh government is expected to exercise its right of first refusal to pre-empt any change in control.
While the agreement marks a milestone for Carlyle’s energy investment strategy, the path to closure remains complex. The transaction is currently pending rigorous review and final approval from the U.S. Department of the Treasury. This regulatory hurdle is seen as a critical checkpoint, given the geopolitical sensitivities surrounding the transition of former Russian-owned energy interests into American private equity hands.
If approved, the deal will significantly bolster Carlyle’s footprint in the global energy market, providing the firm with a diverse array of established production facilities. For Lukoil, the divestment represents a calculated retreat to its core domestic operations amid a shifting international regulatory landscape.
