US oil giant Chevron and Quantum Capital Group have partnered on a bid for sanctioned Russian firm Lukoil’s international portfolio.
NEW YORK: 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.
The Financial Times reported the bid targets Lukoil’s entire non-Russian portfolio, valued at $22 billion.
This portfolio includes oil and gas production, refining facilities and over 2,000 filling stations across Europe, Asia and the Middle East.
If successful, Chevron and Quantum would divide the assets and commit to long-term ownership and operation.
The report said this pledge is expected to appeal to the administration of US President Donald Trump.
The bid is led by Quantum, working with its London-based portfolio company Artemis Energy.
The report added that Lukoil’s foreign assets had also attracted interest from 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.
In late October 2025, the United States added Lukoil and Rosneft to its sanctions blacklist to pressure Russia over its war in Ukraine.
Companies working with the sanctioned Russian giants risk secondary sanctions, denying them access to US banks and services.
On December 4, the US government suspended some sanctions against Lukoil to allow its foreign gas stations to continue operating.
This exemption runs until April 29.
On December 10, Washington gave foreign investors permission to negotiate purchasing Lukoil’s assets abroad without risking US reprisals.
This permission expires on January 17.
