Exxon, Chevron, and ex-Pornhub owner chased Russian oil giant Lukoil’s foreign assets. Dodgers co-owner’s group is now among front-runners in deal expected within weeks
Lukoil’s foreign oil empire was valued at $22 billion when its sale began.
A consortium led by US billionaire Todd Boehly, co-owner of the Los Angeles Dodgers and Lakers, is preparing to acquire Lukoil's international assets through a cashless securities swap. The deal, expected within weeks, marks a year-long effort initiated by US sanctions on the Russian oil giant. Lukoil's overseas operations, including oilfields, refineries, and petrol stations, span Europe, the Middle East, and Africa.
The consortium includes Emirati investors International Holding Company and Al Hail Holding, Syrian-Qatari Al-Khayat brothers, and the US government's International Development Finance Corporation. The transaction will be cashless, with Western investors exchanging frozen Lukoil securities for Lukoil's international assets. The sale began after Lukoil was sanctioned by the US in October 2025, and its initial valuation was $22 billion, which has since declined.
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