In recent news, Chevron and Quantum Capital Group have come together for a joint bid concerning the international assets of Russian oil major Lukoil, which are estimated to be worth almost $22 billion, according to reports.
The assets, which go on to include both upstream as well as downstream operations throughout the globe, were put on the market post the United States imposing sanctions on Lukoil as well as Rosneft in November 2025.
Apparently, the first bidder was Gunvor, the Swiss commodity major, which, as per President Trump, is a Russian puppet and which went on to withdraw its bid after that.
Since then, Exxon, Chevron, Emirati International Holding Company, and Hungarian MOL, as well as Carlyle, the major private equity firm, have come forward as being potential suitors when it comes to foreign business of Russian oil major Lukoil, among others, including Saudi Midad Energy. Carlyle was said to be in talks with Lukoil for the purchase; however, it appears these talks broke down at some point, judging by the dearth of any updates post October 2025.
On the other hand, Lukoil signaled that it was indeed open to accepting one bid that was submitted by a consortium of companies that was led by Xtellus Partners; the investment bank, however, the U.S. federal government refused to give a go-ahead to that deal.
Lukoil has gone on to face certain escalating restrictions when it comes to global operations ever since the onset of the Western sanctions post Russia’s war with Ukraine. The company goes on to hold a range of global upstream as well as downstream assets throughout Europe and the Middle East, along with Africa, which includes refineries based out of Italy and the Netherlands, and also upstream stakes within Iraq, West Africa, and Uzbekistan. The company, interestingly, operates a network of over 2,000 fuel stations throughout the world.
