Lukoil, Russia's second-largest oil producer, has agreed to sell a majority of its international assets to the Carlyle Group, a private equity firm, due to ongoing Western sanctions. This decision follows a significant economic penalty imposed on Russia amid the continuing conflict in Ukraine.
• The deal involves Lukoil's international assets, initially valued at $22 billion, but excludes its operations in Kazakhstan, which will remain under Lukoil's control.
• The sale is a direct response to Western sanctions, particularly those imposed during the Trump administration, aimed at pressuring Russia regarding its involvement in Ukraine.
• The agreement requires approval from the US Treasury’s Office of Foreign Assets Control (OFAC) and is still subject to multiple conditions.
• Lukoil expressed intentions to sell its international assets as early as October, acknowledging the impact of restrictive measures on its operations.
• After the announcement, other companies, including Chevron and ExxonMobil, showed interest in acquiring Lukoil's assets, notifying the US Treasury of their intentions.
• The ongoing negotiations with potential buyers indicate that Lukoil is exploring various options while the formal bidding process is underway.
The sale of Lukoil's international assets to the Carlyle Group marks a significant shift in the company’s operations due to external pressures from sanctions. With further negotiations ongoing and regulatory approvals required, the situation highlights the broader implications of geopolitical tensions on energy markets and corporate strategies.
https://www.zerohedge.com/energy/russias-lukoil-sell-bulk-international-portfolio-us-carlyle-group
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