American billionaire Todd Bowley is joining the race to acquire the foreign assets of Russian oil giant “Lukoil“, reports the Financial Times.
According to the publication, Bowley has received support from the US government and influential investors from the Gulf countries. The bid is for “Lukoil“s international business, the value of which is estimated at about $20 billion.
The information places a new participant in the process, which has so far been mainly associated with the American investment company Carlyle. Reuters reports that it was unable to immediately independently confirm the Financial Times' information.
A new consortium around Bowley
According to the FT, the proposal is being prepared by a consortium that includes Bowley, representatives of the United Arab Emirates and Qatari investors.
The participants are expected to include the American investment company Xtellus, as well as Allied Investment Partners from the UAE. The state-owned American International Development Finance Corporation is also involved in the project.
According to the FT, the American government structure may acquire about 15% of the new company. Bowley and the American side are expected to have significant influence in its management.
The participation of an American government institution creates an unusual situation, since it is the administration in Washington that must make the final decision on whether the deal for the assets of “Lukoil“ can be implemented.
What is included in the deal
The international business of “Lukoil“ includes assets in a variety of countries, oil fields, thousands of gas stations and significant refining capacities.
Among the most significant assets are the company's refineries in Bulgaria and Romania, as well as a 45 percent stake in the Zeeland refinery in the Netherlands.
The total capacity of the three European enterprises is about 400,000 barrels of oil per day, although the Romanian Petrotel refinery is currently not operating after a planned technical overhaul.
The portfolio also includes oil and gas projects in Central Asia, Iraq, Mexico and other regions.
Carlyle already has a contract with „Lukoil“
The new offer appears against the background of an already concluded agreement between „Lukoil“ and the American investment company Carlyle.
In January, „Lukoil“ announced an agreement for the sale of its international business to Carlyle. However, the deal has not yet received the final necessary approval from the US authorities.
The approval procedure has been going on for nearly ten months. According to the FT, the consideration of the deal has entered an interagency process involving the National Security Council, the State Department and the Department of Energy.
Meanwhile, the US continues to temporarily allow the activities of the sanctioned assets of “Lukoil“. The current term of the relevant license expires on October 22.
Washington has a key role
“Lukoil“ was sanctioned by the US Treasury Department in October 2025. After the restrictions were introduced, the Russian company began a procedure for selling its assets outside Russia.
US sanctions rules stipulate that the sale be carried out in a way that severs ties with international business with “Lukoil“ and does not allow the proceeds from the deal to be used in violation of the sanctions regime.
This means that regardless of the competition between potential buyers, the US authorities have a decisive role in the future of the assets.
The battle for the assets is getting more complicated
The emergence of the consortium around Bowley changes the picture surrounding the sale of the international business of “Lukoil“.
According to the FT, the offer is at an advanced stage, but there is still no final agreement with the Russian company. At the same time, Carlyle already has an acquisition contract, which is awaiting the necessary approvals.
The new candidate also has a specific advantage - the participation of a US state financial institution and the support of investors from the Persian Gulf.
At this stage, it is unclear whether the Donald Trump administration will approve Bowley's proposal or continue the procedure for the deal with Carlyle.
Thus, the sale of the foreign assets of “Lukoil“ becomes not only a major oil deal, but also a process with direct implications for American sanctions policy and the European energy market.
Sources: Financial Times, Reuters