Several investor groups, including private equity firm Carlyle and a consortium comprising Chevron, Quantum Capital Group, and Abu Dhabi-based International Holding Company (IHC), are vying to acquire the global assets of Russia’s Lukoil, sources said to Reuters.

The United States has granted Lukoil until January 17, 2026, to finalize a sale of its overseas operations, a move aimed at consolidating Western control over global energy infrastructure and cutting off Kremlin revenue streams.

The divestment mandate follows sanctions imposed by the US Treasury in October 2025 on Lukoil and its rival, Rosneft, as part of a broader effort to pressure Moscow toward a peace agreement.

Lukoil’s international footprint includes major stakes in Iraq’s West Qurna 2 oil field, refineries in Italy, Romania, and the Netherlands, and a global retail network of more than 2,000 fuel stations. The assets are estimated to be worth about $22 billion.

Any potential transaction remains subject to approval by the Treasury Department’s Office of Foreign Assets Control (OFAC).

OFAC may issue individual licences to one or more bidders before January 17, one source added. Treasury has already blocked two attempted transactions — a proposed deal with Swiss trader Gunvor in October and a share swap arranged by Xtellus Partners, formerly the US arm of Russia’s VTB bank, in December.

The outcome of the process will determine whether Lukoil can complete a sanctioned exit from its overseas operations or face further restrictions on its global footprint.