Chevron Eyes Lukoil’s Global Assets After US Treasury Clears Talks

Chevron, one of the largest US oil companies, is reportedly exploring the possibility of acquiring certain overseas assets from Russian energy giant Lukoil, according to five sources cited by Reuters on November 17.

This follows recent approval from the US Treasury Department, allowing potential buyers to begin talks with Lukoil regarding the sale of its international operations.

Lukoil, currently under US sanctions imposed in October, holds a global portfolio valued at an estimated $20 billion. Chevron is said to be focusing on select assets that align with its existing strategic interests, rather than pursuing the entire portfolio. The company stated it complies with applicable laws but declined to comment on commercial matters.

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US Treasury Slams Global Oil Trader Gunvor as “The Kremlin’s Puppet” in Blocked Lukoil Deal

Nov 07, 2025 18:13

Other interested parties reportedly include Swiss investment firm Carlyle and several other global entities. Trading house Gunvor—founded by Russian businessman Gennady Timchenko—had previously submitted a bid but withdrew following criticism from the US Treasury, which raised concerns over its ties to the Kremlin.

Lukoil’s international footprint includes three European refineries, stakes in oil fields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, and Nigeria, as well as a network of fuel stations, including some in the US. It also owns 13.5% of the Karachaganak field and 5% of the Tengiz field in Kazakhstan—two key sources for the Caspian Pipeline Consortium, which exports over 1.6 million barrels of oil daily.

Earlier, it was reported that Russia’s flagship Urals crude has fallen to its lowest price in more than two and a half years, just days before sweeping US sanctions on Rosneft and Lukoil—the country’s two largest oil producers—come into force.

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