Exxon joins Chevron as bidders for Russian Lukoil assets

Exxon Mobil Oil Corporation is among the companies that are interested in international assets of Lukoil, which has fallen under U.S. sanctions, Bloomberg sources said . The possibility of buying part of the Russian oil giant's foreign business is also being studied by Chevron, Reuters wrote the day before, also citing sources. Exxon and Chevron are considering Lukoil's stake in Iraq's West Qurna-2 field, two Bloomberg sources said.

The agency named American investment fund Carlyle Group and UAE energy company Abu Dhabi National Oil (ADNOC) among the pretenders for some or other Lukoil assets. According to the sources, the Russian giant's gas operations in Uzbekistan are of the greatest interest to them.

Lukoil's entire foreign portfolio is valued at a minimum of $20 billion, Reuters noted. And one of the problems is that the Russian company prefers to sell it in one package, one of Bloomberg's sources said. This raises the possibility of a two-stage scheme in which one buyer - for example, a financial company - would acquire the whole thing and then gradually sell off the business piece by piece, the agency points out. The deal should be concluded promptly - before the U.S. sanctions take effect on December 13.

"Lukoil" previously agreed to sell its entire international business to Gunvor Group, but the deal was blocked by the U.S., Bloomberg recalls.

Representatives of Chevron, Exxon, Carlyle and ADNOC's investment arm XRG declined to comment to the agency, Lukoil did not respond to a request.

This article was AI-translated and verified by a human editor