A consortium led by billionaire Todd Boehly is preparing to take over Lukoil’s international assets, including the refinery in Romania

A consortium of U.S. and Middle Eastern investors led by billionaire Todd Boehly is preparing to acquire the international assets of Russian oil company Lukoil, according to Reuters. A deal could be concluded in the coming weeks, but the transaction depends on approvals from U.S. authorities responsible for enforcing sanctions.

The portfolio, initially valued at approximately $22 billion, includes oil fields, refineries and gas station networks in Europe, the Middle East and Africa. The assets include the Petrotel-Lukoil refinery and fuel distribution operations in Romania. No changes to their ownership or management have been announced so far.

The consortium includes International Holding Company and Al Hail Holding, both from the United Arab Emirates, as well as the Al-Khayat brothers, businesspeople with ties to Syria and Qatar. The bid would receive support from the U.S. International Development Finance Corporation.

The transaction would be completed without direct cash payments. The investors intend to use Lukoil securities frozen under sanctions, purchased from Western funds and banks at approximately 30% of their face value. These would be placed in an escrow account and exchanged for the Russian company’s international assets.

The process began after U.S. sanctions were imposed on Lukoil in October 2025. Carlyle subsequently withdrew from the race, and U.S. authorities extended the deadline for negotiations to November 21, 2026.