US Carlyle, with an offshore operation in Romania, reportedly interested in Lukoil

The US investment fund Carlyle, which operates in Romania through its offshore gas venture, is assessing potential options to acquire the foreign assets of Russian oil group Lukoil, Reuters reported, as cited by Economica.net. The discussions follow new US sanctions that halted Lukoil’s attempt to divest assets before a November 21 compliance deadline.

Lukoil operates Romania’s third-largest refinery (2.5 million tonnes crude capacity), holds a 20% share of the fuel market (320 fuel stations), and conducts exploration in a Black Sea offshore perimeter.

According to three sources familiar with the matter, Carlyle has shown interest in exploring a possible transaction after Washington blocked Lukoil’s planned sale to Swiss commodities trader Gunvor. The new measures are part of broader US efforts to increase pressure on the Kremlin and push for progress in negotiations aimed at ending the conflict in Ukraine.

Carlyle is active in Romania through Black Sea Oil and Gas (BSOG), which has become the country’s third-largest natural gas producer following the launch of production at the Midia Gas Development offshore block in the Black Sea. BSOG holds a 10% share of national output and is set to extract around 1 billion cubic metres of gas annually. The volumes represent the first new offshore gas brought on stream in Romania in recent years.

The report did not specify which of Lukoil’s foreign assets Carlyle might target or whether talks have advanced beyond preliminary evaluation.

Lukoil holds a range of upstream, refining, and retail operations across Europe, Central Asia, and the Middle East, several of which have faced operational or regulatory constraints since the start of the war in Ukraine.

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