
Lukoil Overseas is a major subsidiary of the Russian energy company LUKOIL, responsible for international upstream projects. Following U.S. sanctions imposed in late 2025, Lukoil is in the process of selling most of its international assets to the U.S.-based Carlyle Group.
Here is the latest information regarding Lukoil's international operations, with a focus on its activities in the UAE:
1.Sale of International Assets (2026 Update)
• The Deal: In January 2026, LUKOIL agreed to sell most of its foreign assets to the Carlyle Group.
• Background: The sale was forced by U.S. Treasury sanctions imposed in October/November 2025 on Russian oil producers, which severely disrupted LUKOIL’s foreign operations.
• Timeline: The U.S. Treasury extended the deadline for the sale of these assets until February 28, 2026.
• Potential Buyers: Before the Carlyle agreement, Abu Dhabi's International Holding Company (IHC) was also in talks to acquire these assets.
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2. Lukoil in the United Arab Emirates (UAE)
• Ghasha Concession: Lukoil holds a 5% stake in the Ghasha ultra-sour gas concession in Abu Dhabi, which includes the Hail, Ghasha, and Dalma offshore fields.
• Litasco Dubai: Litasco Middle East (LME) DMCC, the trading arm of Lukoil, shifted its business to a new Dubai-based entity to manage its operations amidst tightening sanctions.
• Office Locations: Lukoil Overseas Service Ltd operates in Dubai, UAE, specializing in oil and gas exploration consultancies.
3. Key International Portfolio (Pre-Sale)
Before the divestment, Lukoil Overseas managed projects in multiple countries:
• Iraq: West Qurna-2 field.
• Azerbaijan: Shah-Deniz gas field.
• Kazakhstan: Tengiz, Karachaganak, and Caspian Pipeline Consortium.
• Egypt: Meleiha and West Esh-El-Mallah.
• Uzbekistan: Kandym-Khauzak-Shady-Kungrad.