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(Bloomberg) — Russia’s Lukoil PJSC agreed to sell most of its international assets to US private equity giant Carlyle Group.
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The deal doesn’t include assets in Kazakhstan, the energy producer said Thursday in a statement. Lukoil said the transaction is subject to regulatory approvals and it’s continuing talks with other potential buyers. Financial terms weren’t disclosed.
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The US last year blacklisted the company and peer Rosneft PJSC as the Trump administration ramped up pressure on the Kremlin to end the war in Ukraine. The move sent shockwaves across countries where Lukoil operates, prompting some governments to press Washington for special licenses.
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Lukoil announced in October it had agreed to sell its international assets to energy trader Gunvor Group, but the deal collapsed after the US Treasury described Gunvor as the Kremlin’s “puppet.” Since then, the assets have drawn attention from companies including Exxon Mobil Corp., Chevron Corp. and Abu Dhabi National Oil Co.
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As Russia’s most internationally diversified oil company, Lukoil has stakes in refineries in Europe, significant holdings in oil fields from Iraq to Kazakhstan and a network of 5,300 fuel stations in 20 countries.
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Its international oil-trading business has had to wind down operations in some locations. In the US, gasoline stations linked to the company experienced issues with card payments, while its fuel-retail unit Oy Teboil Ab filed for bankruptcy in Finland.
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Special waivers that have allowed certain Lukoil operations and transactions to continue have been extended several times, but most are due to expire Feb. 28.
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