American billionaire and financier Todd Boehly has formed a new consortium to acquire the foreign assets of Russian oil company LUKOIL.
Modern.az reports that Financial Times has published information about this.
According to the publication, Boehly has attracted influential investors from Gulf countries to the consortium, in addition to the support of the US government, for the acquisition of LUKOIL's international assets. The consortium includes the US International Development Finance Corporation (DFC), Sheikh Tahnoun bin Zayed Al Nahyan, brother of UAE President Mohammed bin Zayed Al Nahyan, and Qatar's billionaire “Al-Khayyat” family. According to reports, DFC could acquire approximately a 15 percent stake in the new company.
Boehly's consortium is competing with the US investment company Carlyle, which had previously reached an agreement to acquire LUKOIL's international business. LUKOIL signed an agreement with Carlyle in January 2026 for the sale of its international assets. According to the company's official statement, the deal covers international assets included in LUKOIL International GmbH, while assets in Kazakhstan were excluded from the agreement. The completion of the transaction requires the approval of relevant US authorities.
The total value of LUKOIL's foreign assets, led by Vahid Alakbarov, is estimated at approximately $20 billion. The portfolio includes oil and gas fields in various regions from Central Asia to Mexico, thousands of gas stations, as well as large oil refineries in Europe. According to the Financial Times, the asset package contains over 3 billion barrels of proven and probable oil reserves. Large oil refineries in Bulgaria and Romania are also included in this portfolio.
Currently, the finalization of the previous agreement with Carlyle depends on the approval of the US authorities. FT writes that the process has been coordinated among various government agencies in Washington for a long time. At the same time, it is reported that the Boehly consortium's offer is at an advanced stage in negotiations. However, it is emphasized that a final agreement with LUKOIL has not yet been reached.
Thus, a competition has emerged between two major US investor groups for the international assets of LUKOIL, led by Vahid Alakbarov. On the other hand, the fact that the US government both supports one of the parties involved in the process and makes a decision regarding the final approval of the deal is considered one of the striking aspects of the issue.
