New York (AFP) – US oil giant Chevron and private equity firm Quantum Capital Group have partnered on a bid for sanctioned Russian oil company Lukoil’s international assets, valued at $22 billion, the Financial Times reported Wednesday. The offer targets Lukoil’s entire non-Russian portfolio, including oil and gas production, refining facilities, and over 2,000 filling stations spanning Europe, Asia, and the Middle East, according to people familiar with the matter cited by the FT.
If successful, Chevron and Quantum would divide the assets between them and commit to long-term ownership and operation, a pledge expected to appeal to the administration of US President Donald Trump, the report said. The bid is led by Quantum, working with its London-based portfolio company Artemis Energy. The offer price was not immediately available, the FT reported.
The report added that Lukoil’s foreign assets had also whetted the appetite of US investment company Carlyle and Abu Dhabi sovereign wealth fund IHC. Swiss energy trading company Gunvor withdrew its takeover bid after being labeled a front for the Kremlin by Washington in November. Contacted by AFP, Quantum and Chevron did not immediately respond with comment.
At the end of October 2025, in order to put pressure on Russia in its war with Ukraine, the United States added Russia’s two largest oil producers, Lukoil and Rosneft, to its blacklist of sanctioned entities. Companies working with the Russian giants risk secondary sanctions, which would deny access to US banks, traders, transporters, and insurers.
On December 4, the US government suspended some of the sanctions against Lukoil to allow gas stations outside Russia to continue operating. This exemption runs until April 29. A few days later, on December 10, Washington gave foreign investors permission to negotiate the purchase of Lukoil’s assets abroad without risking US reprisals. This permission expires on January 17.
© 2024 AFP
