US energy giant Chevron is evaluating selective opportunities to acquire parts of the international portfolio of Russian oil company Lukoil, which is currently under US sanctions. The move comes after the US Department of the Treasury last week granted potential buyers permission to engage in preliminary discussions with Lukoil regarding its overseas assets. With this development, Chevron joins Carlyle and several other interested parties in reviewing assets collectively valued at no less than 20 billion dollars.
The United States imposed sanctions in October on Russia’s two largest oil producers, Lukoil and Rosneft, as part of the Trump administration’s strategy to pressure Moscow into negotiations over the war in Ukraine. Under the newly granted authorization, companies may now explore possible acquisitions without violating sanctions rules.
According to industry sources, Chevron is not considering a purchase of Lukoil’s entire portfolio. Instead, it is assessing targeted assets located in regions where the two companies already have operational overlap. Lukoil, which contributes roughly 2% of global oil production through its domestic and international operations, has announced that it intends to sell its foreign business. These overseas assets account for around 0.5% of global output and were valued at approximately 22 billion dollars in filings submitted in 2024. Carlyle, the major US private equity group, is among the bidders already conducting due diligence.
Lukoil’s international portfolio includes three refineries in Europe, stakes in oil fields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and Nigeria, as well as several hundred petrol stations worldwide — including in the United States.
