BAKU, Azerbaijan, January 29. Russia’s LUKOIL has signed an agreement with U.S. investment firm Carlyle to sell LUKOIL International GmbH, its wholly owned subsidiary that holds the company’s international assets, Trend reports, citing the company.
The transaction excludes LUKOIL’s assets in Kazakhstan, which will remain under the ownership of the LUKOIL Group and will continue to operate under its existing licenses.
LUKOIL has emphasized that the agreement with Carlyle is non-exclusive and contingent upon several conditions, including the necessary regulatory approvals. Among these is authorization from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC).
In addition, the company indicated that negotiations with other potential bidders are ongoing.
LUKOIL’s decision to divest LUKOIL International GmbH is driven by the restrictive measures imposed by several nations on the company and its subsidiaries.