Chevron and Quantum Energy Partners line up bid for $22 billion of Lukoil assets, FT reports

2026-01-07 01:22:31 ET

• U.S. oil major Chevron ( CVX ) and private equity group Quantum Energy Partners will reportedly join forces to buy the international assets of sanctioned Russian oil company Lukoil PJSC.
• Chevron ( CVX ) and Quantum would split the portfolio, which includes oil and gas production, refining facilities, and filling stations, according to the Financial Times.
• Lukoil values the assets at $22 billion, according to the report.
• Russia’s second-largest oil producer, Lukoil, said last year that it would sell its international assets after the United States announced new sanctions linked to the war in Ukraine. The move followed sweeping U.S. sanctions imposed in October 2025 on Lukoil and Rosneft ( RNFTF ), Russia’s two largest energy companies.