Private Equity M&A

Romania Lost a Fifth of Its Refining Capacity to Sanctions and Insolvency, as Carlyle's Lukoil Deal Awaits OFAC Approval

Carlyle agreed to pay $22 billion for Lukoil's overseas assets in January 2026. OFAC's licences since then cover negotiation and maintenance through October 22, and Romania's Petrotel refinery went into insolvency.