Sanctioned Russian oil major Lukoil has announced plans to sell its foreign operations to the US investment firm Carlyle Group, as it looks to restructure its international footprint amid mounting
Western pressure on Russia’s energy sector.
In a statement released in Moscow, Lukoil said the proposed transaction is still subject to approval by US financial authorities. The sale would cover a range of overseas assets, including operations in Belgium and the Netherlands.
The move follows the imposition of US sanctions in October by the administration of President Donald Trump, which targeted leading Russian oil companies Rosneft and Lukoil in an effort to increase pressure on Moscow over the war in Ukraine. Those sanctions derailed an earlier attempt by Lukoil to offload its foreign assets to Swiss commodities trader Gunvor.
That deal was blocked by the US Treasury Department due to concerns over Gunvor’s links to Russia. One of the company’s founders, Russian businessman Gennady Timchenko, is a close associate of President Vladimir Putin, despite having withdrawn from Gunvor in 2014.
Lukoil has now turned to the Carlyle Group, one of the world’s largest investment firms, which says it manages assets worth around 474 billion US dollars. The Russian company noted that discussions with other potential buyers are also ongoing, while regulatory approval remains a key hurdle before any sale can be completed.
Benelux assets part of the deal
Lukoil’s Belgian subsidiary confirmed to public broadcaster VRT that its assets in Belgium and the Netherlands are included in the planned sale. The company operates nearly 250 fuel stations across the Benelux region, along with two major storage terminals—one in Neder-Over-Heembeek near Brussels and another in Maastricht. Lukoil also owns a 45 percent stake in the Zeeland refinery in the Dutch port of Vlissingen.
According to Lukoil Belgium, the transaction is not expected to have any immediate impact on operations in Belgium or the Netherlands. Fuel stations will remain open, and employees and business partners will not be affected in the short term.
“All stations will remain operational and activities will continue,” the company said. “We are fully committed to continuity, ensuring that daily operations continue smoothly and jobs are safeguarded.” Photo by Christophe Gesché, Wikimedia commons.