Chevron Corp. partnered with private equity firm Quantum Energy Partners to launch a joint bid for the international assets of Lukoil PJSC. If the deal proceeds, Chevron and Quantum plan to divide the portfolio between them.
Lukoil valued the portfolio at $22 billion. The assets feature oil and gas production and refining facilities. The portfolio also includes over 2,000 fuel stations across Europe, Asia, and the Middle East.
U.S. sanctions on major Russian energy companies prompted Lukoil to sell its non-Russian portfolio. The bid faces competition from other interested parties, including Carlyle and International Holding Company. No immediate market reaction analysis has been tied to this announcement.