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Factbox-Lukoil's international assets and potential buyers

Factbox-Lukoil's international assets and potential buyers

101 finance101 finance2026/01/16 12:36
By:101 finance

Jan 16 (Reuters) - The U.S. Treasury has extended the deadline for sanctioned Russian oil firm Lukoil to negotiate the sale of the bulk of its international assets until February 28.

The assets, which include oil fields, refineries, and a network of retail gas stations, are worth about $22 billion and have drawn widespread interest, with specific deals requiring ​separate U.S. Treasury approvals.

Below are details of Lukoil's international assets and potential buyers:

POTENTIAL BUYERS

Interested parties include private equity giant Carlyle, a group comprising oil major Chevron and Quantum Capital Group ‌as well as UAE-based investor International Holding Company. U.S. oil major Exxon Mobil, Hungary's MOL and Saudi Arabia's Midad Energy have also expressed an interest.

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

UPSTREAM OPERATIONS

Middle East

Lukoil's biggest foreign asset is a 75% stake in Iraq's West Qurna 2, one of the world's largest oilfields. It declared force majeure at the field after Iraq halted payments.

So far, the field's production remained steady at around 465,000 to 480,000 barrels per day, but Iraq's cabinet has approved plans to nationalise operations to avert any future disruptions.

Under the plan, the state-run Basra Oil company will take over the operations for 12 months, two officials at the firm told Reuters.

Lukoil also owns 60% of Iraq's Block 10 development, which includes the Eridu field west of Basra.

In Egypt, the company holds a 50% ⁠stake in the West Esh El Mallaha (WEEM) oilfield alongside Egypt's Tharwa Petroleum, ‌and has a 24% stake in the Meleiha concession, with the rest owned by Italy's Eni.

In the UAE, Lukoil owns 10% of the Ghasha concession, one of Abu Dhabi's largest gas developments, operated by ADNOC.

Central Asia

Lukoil holds 13.5% in Karachaganak and 5% in Tengiz - major Kazakh oil and gas projects operated by ‍Western oil companies.

It also has a 12.5% stake in the Caspian Pipeline Consortium, which exports oil from Kazakhstan to the Black Sea.

Lukoil doesn't have to sell these assets as the U.S. Treasury has allowed transactions involving Karachaganak, Tengiz and CPC.

The Russian firm also owns nearly 20% of the BP-operated Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea.

It also operates the South-West Gissar gas field in Uzbekistan and holds a 90% stake in the ​Kandym fields development near the country's border with Turkmenistan.

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