Russia’s Lukoil agrees to sell international assets to Carlyle Group amid Western sanctions. Deal excludes Kazakhstan, but includes oil fields, petrol stations, and refineries in 20 countries. Value undisclosed, but Lukoil’s international business valued at $22 billion. U.S. sanctions prompted asset sale, with Kazakhstan also making a bid.

Lukoil’s agreement with Carlyle conditional, not exclusive. Negotiations ongoing with other parties, including Chevron and Quantum Capital for a joint bid. ExxonMobil and Abu Dhabi’s International Holding Company also interested. U.S. Treasury Department authorized buyers to engage with Lukoil, accounting for 0.5% of global oil production.

Despite asset sale, Lukoil’s overseas oil and gas output expected to rise through the decade. Analysts predict growth, per S&P Global. Deal follows U.S. sanctions on top Russian oil producers, amid ongoing conflict in Ukraine. Kazakhstan separately seeks to acquire Russian oil producers’ stakes in energy projects.

Read more at Yahoo Finance: Russia’s Lukoil Reaches Tentative Deal To Sell Most Overseas Assets To US Private Equity Firm Carlyle Amid Sanctions