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Moscow-headquartered energy giant PJSC Lukoil has signed off on the disposal of its international portfolio of assets, following the rise in global sanctions, which are buffeting Russian businesses overseas and companies with ties to them.
After the Russian energy heavyweight decided to offload its international assets against the backdrop of growing global sanctions , it revealed an offer from Gunvor Group for Lukoil International , the firm’s 100% subsidiary, which owns its international assets.
The Moscow-based player has now signed an agreement with U.S. investment company Carlyle on the sale of its subsidiary. The firm claims that the transaction does not include the assets in Kazakhstan, which will continue to be owned by Lukoil Group and continue their operations under respective license.
Lukoil emphasized: “The agreement signed is not exclusive for the company and is subject to some conditions precedent such as procurement of necessary regulatory approvals including permission of the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for the transaction with Carlyle.”
The Russian player highlights that it continues negotiations with other potential buyers for Lukoil International, as a result of restrictive measures introduced by some countries against the firm and its subsidiaries.