Key facts
- The consortium includes Boehly, Emirati investors International Holding Company and Al Hail Holding, the Al-Khayat brothers and the US DFC.
- The sale process initially valued the portfolio at $22 billion, and some assets have stopped operating, two people said.
- The deal is structured as a cashless swap of frozen Lukoil securities held by Western investors, including Capital Group, for the foreign assets.
- The consortium promised to place the shares in an escrow account rather than transfer them directly to Lukoil, two people said.
- Boehly's representatives, Al Hail, the Al-Khayats, the US DFC and Lukoil did not respond to requests for comment; IHC declined to comment.
A consortium led by US billionaire Todd Boehly is preparing a securities swap to acquire sanctioned Russian oil major Lukoil's international assets, and a deal is expected within weeks, four people close to the sales process said in a report published November 3. A bank acting on behalf of the consortium has purchased billions of dollars of frozen Lukoil securities from Western investment funds to exchange for the company's foreign assets, three of the people said. The people declined to be identified because they are not authorized to discuss the matter publicly.
If completed, the transaction would conclude a sale process that has dragged on for more than a year and initially valued the portfolio involved at $22 billion. Lukoil's foreign assets include oilfields, refineries and petrol stations in Europe, the Middle East and Africa. The value of the portfolio has deteriorated as some assets have stopped operating, two people said.
The consortium includes Boehly, a Miami-based businessman who owns stakes in Los Angeles sports teams the Dodgers and the Lakers, and Emirati investors International Holding Company and Al Hail Holding. The Syrian-Qatari Al-Khayat brothers and the US International Development Finance Corp are also backing the bid. Representatives of Boehly did not respond to multiple requests for comment. An IHC spokesperson said they do not comment on potential investment activities. Al Hail, the Al-Khayats and the US DFC did not respond to requests for comment. Lukoil did not immediately respond to a request for comment.
The plan is for a cashless deal in which frozen Lukoil securities held by Western investors, including Capital Group, would be exchanged for Lukoil's international assets, the people said. Capital Group declined to comment.
The sale process started following US sanctions on Lukoil in October 2025. Reuters reported in February that the US slowed the sale partly to pressure Russia in negotiations to end its war in Ukraine. Last December, the US Treasury rejected an offer from a group that included US bank Xtellus Partners saying that Lukoil should not receive a windfall from the sale in shares or cash. The Boehly-led consortium was able to move forward by promising to put the shares in an escrow account, rather than transferring them straight to Lukoil, two people said. The US Treasury did not respond to requests for comment.