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Carlyle Said to be in Talks with Potential UAE Partners on Lukoil Assets, Sources Say
February 3, 2026
Carlyle Group is said to have initiated exploratory discussions with state-linked investors in the UAE to potentially partner on its acquisition of Lukoil’s international asset portfolio. This follows a preliminary agreement announced between Carlyle and the sanctioned Russian oil producer for the transfer of LUKOIL International GmbH, a subsidiary valued at ~$20bn. Mubadala Investment Company, XRG, and IHC are reportedly considering minority stakes, with specific interest in Lukoil’s Geneva-based trading arm, Litasco. The deal includes a 75% stake in Iraq’s West Qurna 2 oilfield and refineries in Bulgaria and Romania, though it excludes Lukoil’s assets in Kazakhstan. The transaction faces a 28 February 2026 divestment deadline set by the US Treasury, with sale proceeds required to remain frozen in US accounts until sanctions are lifted.
Lukoil’s 4.75% 2026s were trading stable at 79.7 cents on the dollar. Carlyle’s bonds were trading nearly unchanged with its 6.75% 2030s at 102.1, yielding 6.1%.
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