Media: Chevron, Quantum eye $22 billion purchase of Lukoil’s Intl assets

Chevron and private equity firm Quantum Energy Partners are reported to be preparing a joint bid to acquire Russian oil company Lukoil’s international assets, valued at around $22 billion, the Financial Times has said. Details of the offer have not been disclosed.

Thus, Chevron has been exploring a purchase of Lukoil’s overseas operations since November last year.

The plan reportedly involves the two companies acquiring the assets together and then dividing them between themselves.

Lukoil put its international operations up for sale following US sanctions on the company and Rosneft in November 2025. Swiss commodity firm Gunvor initially entered the race, but withdrew after being publicly criticised by then-President Trump as a Russian “puppet”.

Since then, several firms have emerged as potential buyers, including Exxon, Hungary’s MOL, the UAE’s International Holding Company, and private equity group Carlyle, as well as Saudi Midad Energy. Talks between Carlyle and Lukoil reportedly stalled last autumn, with no further developments since October.

Lukoil had indicated it was open to an offer from a consortium led by investment bank Xtellus Partners, but US authorities blocked the proposed deal.

The Russian oil giant, which has faced mounting restrictions on its global business amid Western sanctions linked to the war in Ukraine, operates refineries in Italy and the Netherlands, upstream assets in Iraq, Uzbekistan and West Africa, and a network of more than 2,000 fuel stations worldwide.

By Aghakazim Guliyev