Chevron, Quantum Energy Partners Plan $22 Billion Bid For Russian Oil Giant Lukoil's International Assets: Report

Chevron Corporation (NYSE:CVX) and Quantum Energy Partners are reportedly preparing a joint bid for $22 billion of Russian oil giant Lukoil‘s international assets.

Bidders Eye Long-Term Control

If completed, the deal would see Chevron and Quantum split a portfolio of assets spanning oil and gas production, refining operations, and more than 2,000 fuel stations across Europe, Asia, and the Middle East, the Financial Times reported on Wednesday.

Quantum, led by Texan oil magnate Wil VanLoh, is spearheading the bid, and the company is collaborating with its London-based portfolio firm, Artemis Energy, according to the report.

The proposed acquisition is for the entire portfolio of Lukoil’s international assets, and the companies intend to own and operate these assets for the long term, the FT reported.

Other contenders for Lukoil's non-Russian assets include Carlyle and Abu Dhabi–based conglomerate International Holding Company. The sale process kicked off in November after Swiss commodities trader Gunvor pulled out of its deal with Lukoil, citing opposition from the Trump administration.

Chevron, Quantum Energy, and Lukoil did not immediately respond to Benzinga‘s requests for comment.

Sanctions, Strikes Lift Chevron Shares

The potential bid follows the Trump administration’s full blocking sanctions on Russian oil giants Rosneft and Lukoil in October. The move was a significant escalation of economic pressure on Russia, cutting off the companies from the U.S. banking system.

The U.S. Treasury Department has granted permission for negotiations with Lukoil until Jan. 17.

Meanwhile, Chevron has been making headlines for its involvement in the recent military strike on Venezuela, which saw President Nicolás Maduro captured. The company’s stock price surged following the news.

Chevron holds a momentum rating of 59.74% and a value rating of 80.24%, according to Benzinga's Proprietary Edge Rankings. Check the detailed report here. 

Price Action: Over the past year, Chevron climbed 4.65%, as per data from Benzinga Pro. On Tuesday, the stock fell 4.46% to close at $156.54.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.