The United States’ petroleum and natural gas company, Chevron Corp., in alliance with the investment firm Quantum Capital Group, have combined their resources to bid in a competition to purchase the global assets belonging to the Russian firm Lukoil, which are estimated to be worth around $22 billion, according to a report by the Financial Times, referencing well-informed sources.
Insiders report that the Chevron + Quantum group is presenting a united bid for the entirety of Lukoil’s international asset collection, which encompasses:
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overseas oil and gas production;
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crude oil processing facilities;
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a distribution network of more than 2,000 fuel stations across Europe, Asia, and the Middle East.
Quantum is engaging in the bidding process through its London-based entity, Artemis Energy, whereas Chevron is considering a long-term commitment to possess and operate a fraction of the assets, pending a prospective division between the associates involved in the agreement.
The offering from the parties involved is noteworthy not solely from a monetary aspect, but also considering the geopolitical landscape and the United States’ sanctions approach.
Lukoil’s assets are under the purview of global sanctions, enacted by the U.S. in the month of October in 2025, designed to exert influence on Russia in light of its widespread military action in Ukraine. These sanctions limit access to the company’s international holdings for Russian stakeholders.
It is anticipated that the administration of President Donald Trump might endorse this specific proposition, as it arranges for sustained American control of vital energy resources and alleviates concerns related to their “expedited resale.”
Chevron representatives have verified that the company is consistently assessing possible ventures, but refrains from commenting on business-sensitive particulars or affirmations from external entities. Quantum, Lukoil, and the White House have yet to distribute any authorized statements.
The partnership between Chevron and Quantum is not the sole contender vying for Lukoil’s assets. Among the other potential acquirers are:
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Carlyle Group, engaged in independent discussions;
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International Holding Company from Abu Dhabi;
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Midad Energy, originating from Saudi Arabia.
In the past, Gunvor, a Swiss firm dealing in commerce and energy, attempted to present an individual proposition, however, its submission was obstructed in the US due to apprehensions of affiliations with the Kremlin, which resulted in the inability to finalize the arrangement.
The U.S. Department of the Treasury has authorized prospective purchasers to engage in dialogue with Lukoil until the date of January 17th, 2026; however, any definitive agreement necessitates distinct approval from the US, affording the president an ultimate rejection right regarding the conclusive transaction.
If the agreement is successfully executed, it would represent one of the most substantial acquisitions in the energy sector in recent years amidst sanctions targeting Russia, and it would notably reshape the ownership configuration of significant oil and gas resources across the globe.