Chevron and investment firm Quantum jointly bid for Lukoil assets – FT
The deal involving the American oil giant may appeal to the US administration, which effectively has the right of veto.
American oil corporation Chevron and private investment group Quantum Energy Partners have decided to join forces in the battle for the international assets of Russian oil company Lukoil, which has been hit by US sanctions, according to the Financial Times, citing sources.
If the deal goes through, Chevron and Quantum will divide Lukoil's international asset portfolio between themselves, the newspaper's sources said. The assets, which Lukoil values at $22 billion, include oil and gas production projects, oil refineries, and more than 2,000 gas stations in Europe, Asia, and the Middle East.
It is not yet clear how much Chevron and Quantum are willing to offer. The companies intend to own and manage the assets on a long-term basis, which is likely to be approved by Donald Trump's administration, FT sources added. Quantum plans to acquire the assets in collaboration with its London-based portfolio company Artemis Energy.
Quantum, founded by Texas oil tycoon Will Van Lo, has already discussed its bid with White House officials, saying the deal would secure American ownership of strategically important energy assets, sources told the FT.
A US government source said the White House is seeking to transfer the assets "to an American owner and operator for an indefinite period" to avoid possible resale. "That's why it's an attractive option," he said of the Quantum and Chevron bid.
Quantum declined to comment. A Chevron spokesperson only stated that the company is evaluating potential opportunities for its portfolio. "In line with our policy, we do not comment on third-party statements or commercial matters," he said.
Bidders for Lukoil's assets outside Russia have until January 17 to negotiate. Any buyer will have to get approval from the US, which basically has veto power, the FT says. The American investment fund Carlyle and the Abu Dhabi conglomerate International Holding Company have already put in bids for Lukoil's assets. In November, Swiss commodity trader Gunvor pulled out of the deal after the Trump administration called it a "puppet" of Russia and made it clear that it would not approve such a buyer.
This article was AI-translated and verified by a human editor
