U.S. oil major Chevron and private equity firm Quantum Capital Group are reportedly preparing a joint bid to acquire Lukoil’s international assets, as the sanctioned Russian energy company seeks to divest its overseas operations.
The deal is said to value the assets at around $22bn, with ownership expected to be split between the two firms.
The reported bid covers Lukoil’s entire non-Russian portfolio, including oil and gas production assets, refining facilities and more than 2,000 fuel stations across Europe, Asia and the Middle East.
The United States imposed sanctions on Lukoil in October 2025 as part of efforts to pressure Moscow over the war in Ukraine, forcing the company to seek buyers for its foreign holdings.
Lukoil’s overseas assets include stakes in major oilfields in Kazakhstan and Nigeria.
The U.S. Treasury Department has issued a general licence allowing potential buyers to hold discussions with Lukoil regarding its non-Russian assets, after previous attempts to sell the portfolio were blocked.
Chevron and Quantum are the latest groups linked to a potential bid. U.S.-based Carlyle Group, Abu Dhabi’s IHC and Saudi Arabia’s Midad Energy have also previously expressed interest.
Chevron and Quantum are the latest to bid for Lukoil’s non-Russian assets, U.S. based Carlyle Group, Abu Dhabi-based IHC and Saudi Arabia’s Midad Energy have also previously been interested.
According to the Financial Times, a senior U.S. government official has welcomed the proposed Chevron–Quantum deal.
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