Carlyle has appointed Goldman Sachs to advise on a bid for Lukoil’s overseas assets, according to people familiar with the matter, according to a Reuters report.

The portfolio is valued at around $22bn.

The assets include oilfields, refineries, and thousands of fuel stations worldwide. Lukoil is seeking buyers following new US sanctions introduced in October.

At least a dozen parties have expressed interest, including major oil companies and Middle Eastern investors. Carlyle and Goldman Sachs declined to comment.

Any transaction would require approval from the US Treasury. Lukoil has until 17 January to conclude talks.

Carlyle manages $474bn and has around $20bn invested across energy, infrastructure, and renewables. The process highlights private equity’s continued interest in complex, geopolitically sensitive assets.

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