The Carlyle Group is among the frontrunners to acquire Lukoil’s international asset portfolio, valued at about $22bn, as the Russian oil producer races to meet a US-imposed divestment deadline, says Reuters.

Carlyle is competing with a partnership between Chevron and Quantum Capital Group, as well as Abu Dhabi-based International Holding Company. The assets include refineries in Europe, oil fields in Kazakhstan, Azerbaijan, and Iraq, and a global network of fuel retail stations.

The US Treasury imposed sanctions on Lukoil in October and gave the company until January 17 to dispose of its foreign assets. Any transaction would require approval from the Office of Foreign Assets Control, which has already blocked two proposed deals involving the assets.

Lukoil’s portfolio accounts for about 0.5% of global oil output, according to company data. Sources said Carlyle is considering filing an application with US authorities before beginning due diligence, although the firm could still walk away depending on geopolitical risk and timing.

The process highlights the growing complexity of large-scale energy transactions involving sanctioned assets, even as private equity firms continue to pursue infrastructure-like energy investments with long-term cashflow characteristics.

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