Carlyle hires Goldman Sachs for Lukoil asset bid

December 17, 2025 1:09 PM EST

Carlyle signage displays at the office in Manhattan in New York City, U.S., February 26, 2025. REUTERS/Jeenah Moon

LONDON, Dec 17 (Reuters) - ⁠U.S. private ⁠equity ‍giant Carlyle has hired Goldman Sachs to work on its bid for Lukoil assets, two ‍sources familiar with the matter told Reuters on ​Wednesday, as the race for the sanctioned Russian oil firm's ​overseas portfolio heats up.

At least a dozen potential suitors have expressed interest in buying Lukoil assets, including Carlyle, U.S. oil majors ​Exxon Mobil and Chevron, Abu Dhabi conglomerate IHC, and Saudi Arabia's Midad Energy, sources have said.

Both ​Carlyle and Goldman Sachs declined to comment.

Lukoil is looking to sell its ‌foreign assets after the United States crippled its operations with new sanctions in October aimed ​at pressuring Russia to end ⁠its war in Ukraine.

The U.S. Treasury has said any buyer would need its clearance ‌for the purchase and has given Lukoil until January 17 to conclude talks.

The assets are valued at about $22 billion, ‌spanning oilfields, refineries and thousands of fuel stations worldwide.

Carlyle - one ‌of the world's biggest private equity, alternative asset management and financial services firms - has $474 billion of assets under management, including $20 billion ‍across oil, gas, power, renewables and infrastructure.

The U.S. Treasury has already blocked two ⁠bidders - Gunvor and U.S. bank Xtellus Partners - from buying Lukoil assets, highlighting the geopolitical hurdles involved in a potential acquisition.

(Reporting by Dmitry Zhdannikov; Additional reporting by Anousha Sakoui; Editing by Joe Bavier)



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