U.S. oil major Chevron and private equity firm Quantum Energy Partners are reportedly partnering to submit a bid for Russia’s Lukoil international upstream and downstream assets, which are valued by Lukoil at approximately USD 22 billion. The deal is being led by Quantum and, if successful, the assets would be split between the two companies.
Chevron’s stock is currently trading at $163.84 USD as of January 13, 2026.
Bid Details and Sanctions Context
The potential acquisition targets Lukoil’s entire non-Russian portfolio, including oil and gas production facilities, refining operations, and over 2,000 filling stations across Europe, Asia, and the Middle East. The transaction follows strict U.S. sanctions imposed on Lukoil and Rosneft in October 2025, which led Lukoil to signal its intent to sell its international assets.
The sale is a direct consequence of U.S. sanctions aimed at cutting off Russia’s oil revenues.
Any transaction will require clearance from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). Previous attempts at deals with other parties, such as commodities trader Gunvor, were blocked by the U.S..
Other interested parties in the Lukoil assets include the private equity firm Carlyle Group and the Abu Dhabi conglomerate International Holding Company.
The U.S. has set a deadline of January 17, 2026, for a sale to be finalized.
Note by Alessandro Bazzoni