US private equity firm Carlyle has begun exploratory talks with UAE investors to ‌bring in partners should its initial agreement to buy Russian firm Lukoil's international assets proceed, reported Reuters, citing three sources with knowledge of the process.

Carlyle and Lukoil had recently announced a preliminary deal that would transfer a wide range of assets - including oilfields in Iraq and refineries in eastern Europe - to the US firm, pending approval from the American authorities that have placed the Russian ​producer under sanctions.

The three sources ‍said the state-controlled Abu Dhabi investors Mubadala, XRG and IHC had held talks with Carlyle about taking stakes in the Lukoil portfolio if the US firm completes the purchase, though no deals have been reached, said the Reuters report.

A fourth source ⁠said the assets were valued at around $20 billion. A fifth said the UAE investors were ‍particularly interested in Lukoil's trading arm Litasco.

Neither company had disclosed a valuation for the deal, which excludes Lukoil's Kazakh assets, because according to a senior source they have not yet agreed one.

According to Bloomberg, Lukoil had last year agreed to sell its international assets to energy trader Gunvor Group, but the deal collapsed after the US Treasury described Gunvor as the Kremlin’s 'puppet.' 

One of the world's largest international vertically integrated oil and gas companies, Lukoil has businesses located in over 30 countries worldwide.

It boasts strategic stakes in refineries in Europe, significant holdings in oil fields from Iraq to Kazakhstan and a network of 5,300 fuel stations in 20 countries, including the US.

The assets subsequently drew attention from companies including Exxon Mobil Corp., Chevron Corp. and Abu Dhabi National Oil Company.

Meanwhile, Lukoil has announced that it remains in talks with other potential buyers.

The proposed transaction has been structured to be “fully compliant” with the requirements of the US Office of Foreign Assets Control, Carlyle said in a statement. The firm said it’ll ensure “operational continuity, preserving jobs, stabilising the asset base and supporting safe, reliable performance.”