US private equity firm Carlyle has begun exploratory talks with UAE investors to bring in a partner if an initial deal to buy Russian company Lukoil’s international assets goes ahead, Reuters reported, citing three sources familiar with the process.
Carlyle and Lukoil recently announced a preliminary agreement to transfer a wide range of assets, including oil fields in Iraq and refineries in Eastern Europe, to American companies, pending approval from American authorities, which have placed the Russian producer under sanctions.
Three sources said Abu Dhabi’s state-backed investors Mubadala, XRG and IHC had held talks with Carlyle about taking a stake in Lukoil’s portfolio if the U.S. company completed the deal, but no agreement had been reached, Reuters reported.
A fourth source said the assets were worth about $20 billion. A fifth said UAE investors were particularly interested in Lukoil’s trading arm, Ritasco.
Neither company disclosed the valuation of the deal, excluding Lukoil’s Kazakh assets. That’s because, according to senior officials, the two companies have not yet reached an agreement.
Last year, Lukoil agreed to sell its international assets to energy trading firm Gambar Group, but the deal fell apart after the U.S. Treasury Department described Gambar as a “puppet” of the Kremlin, according to Bloomberg.
Lukoil, one of the world’s largest international vertically integrated oil and gas companies, has operations in more than 30 countries around the world.
The company boasts strategic interests in European refineries, significant holdings in oil fields from Iraq to Kazakhstan, and a network of 5,300 fuel stations in 20 countries, including the United States.
The property has since attracted the attention of companies such as Exxon Mobil Corp., Chevron Corp., and Abu Dhabi National Oil Company.
Meanwhile, Lukoil announced that it is continuing negotiations with other potential buyers.
Carlyle said in a statement that the proposed transaction is structured to be “fully compliant” with the requirements of the U.S. Office of Foreign Assets Control. The company said it will ensure “business continuity, preserve jobs, stabilize our asset base, and support safe and reliable performance.”
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