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yesterday

Chevron, Quantum Prepare $22 Billion Bid for Lukoil’s Overseas Assets

The sanctions-driven divestment process faces strict U.S. oversight, with a limited window for talks running to January 17.

The US oil giant is said to have partnered with Quantum Capital Group on the bid, according to the Financial Times
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Overview

  • Financial Times reports that Chevron and Quantum Energy Partners are readying a joint offer of about $22 billion for Lukoil’s non-Russian portfolio, with no transaction announced.
  • The bidders would divide the assets if successful, with Quantum leading the effort in collaboration with its London-based portfolio company, Artemis Energy.
  • The portfolio spans upstream stakes and downstream operations, including refineries in Italy and the Netherlands, assets in Iraq, Uzbekistan and West Africa, and more than 2,000 service stations.
  • Negotiations proceed under U.S. sanctions rules, and Treasury has authorized talks with Lukoil through January 17 according to the latest reporting.
  • Other potential buyers remain in play, including Carlyle and Abu Dhabi’s International Holding Company, while Gunvor withdrew after political pushback and a prior Xtellus-led proposal lacked U.S. approval.