Overview
- Chevron is studying options to acquire specific Lukoil foreign assets where their operations overlap rather than pursuing the entire portfolio, according to Reuters sources.
- The U.S. Treasury has authorized potential buyers to hold talks with Lukoil through December 13, with separate approvals required for any transaction to close.
- The assets on offer are valued at roughly $20–22 billion and span three European refineries, upstream stakes across the Middle East, Central Asia and Latin America, and extensive retail networks.
- Carlyle is also evaluating purchases, while trading house Gunvor withdrew a planned $22 billion bid after U.S. officials indicated a license would not be granted.
- Overlap areas for Chevron include Kazakh projects linked to the CPC pipeline and Nigeria’s OML 140, with Reuters noting Chevron already participates in several of the same ventures.