Chevron Weighs Acquisition Of Select Lukoil Assets After US Opens Door To Deal Talks: Report

• Last week, the U.S. Treasury authorized interested buyers to begin discussions with Lukoil regarding its foreign holdings.
• Carlyle is also reportedly pursuing parts of Lukoil’s portfolio valued at more than $20 billion.
• Lukoil accounts for about 2% of global oil production.

Chevron (CVX) is reportedly evaluating potential opportunities to acquire select overseas assets from Lukoil.

According to a Reuters report, rather than seeking Lukoil’s entire global asset base, Chevron is considering only the operations that overlap with its existing business. Notably, Lukoil, along with another Russian energy giant, Rosneft, is currently under U.S. sanctions.

CVX stock was down 1.36% on Monday.

In October, the U.S. imposed sanctions on Russia’s two largest oil companies, as part of the Donald Trump-led administration’s strategy to pressure Moscow into engaging in peace negotiations with Ukraine.

Last week, the U.S. Treasury authorized interested buyers to begin discussions with Lukoil regarding its foreign holdings, opening the door for Chevron to join firms like Carlyle in pursuing parts of a portfolio valued at more than $20 billion.

Chevron stated that it follows all applicable laws and regulations and does not comment on commercial discussions. Lukoil, which accounts for about 2% of global oil production, is seeking buyers for its overseas operations, assets that produce roughly 0.5% of global output and are valued at around $22 billion, according to 2024 filings.

U.S. private equity firm Carlyle is also evaluating a potential purchase of Lukoil’s foreign holdings, according to the report. These assets include three European refineries, stakes in oilfields across countries such as Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, and Nigeria, and a large network of fuel stations worldwide, including some in the United States.

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