Reported Acquisition of Lukoil's International Assets

Chevron and private equity group Quantum Capital Group are reportedly forming a partnership to acquire the international portfolio of the sanctioned Russian oil company Lukoil, with the assets valued at $22 billion. According to reports, Quantum is leading the bid in collaboration with its London-based portfolio company, Artemis Energy. If successful, the partners would split a portfolio comprising oil and gas production operations, refining facilities, and filling stations.

Company Responses and Competing Interest

In response to inquiries, Chevron stated it continuously assesses global opportunities while operating under its code of ethics and complying with applicable laws and regulations, but declined to comment on specific commercial matters. Other entities that have reportedly expressed interest in acquiring parts of Lukoil's assets include ExxonMobil, the Abu Dhabi National Oil Company (Adnoc), and the Carlyle Group.

Background on the Asset Sale

Lukoil, Russia's second-largest oil producer, confirmed its intention to sell its international assets following new U.S. sanctions related to the war in Ukraine. This decision came after comprehensive U.S. sanctions were imposed on Lukoil and fellow Russian company Rosneft in October 2025. A previous attempt by commodities trader Gunvor Group to acquire these assets was abandoned after the U.S. indicated it would block such a deal.