Chevron and Quantum Capital Group are reportedly joining forces on a bid to buy sanctioned Russian oil company Lukoil’s international assets.
The Financial Times reported that the bid, led by Quantum, is for the entire portfolio of Lukoil’s international assets valued at USD 22 billion, including oil and gas production, refining facilities and filling stations across Europe, Asia and Middle East.
If successful, both companies would own and operate the assets for the long term with the report noting that this would likely appeal to the Trump administration.
The report also added that the battle for Lukoil’s non-Russian assets have also attracted bids from Carlyle and Abu Dhabi conglomerate International Holding Company.
Swiss commodity trader Gunvor withdrew its proposal to buy foreign assets of Lukoil after the US Treasury described it as Russia’s “puppet”.
It was previously reported that Lukoil PJSC began cutting its workforce across its global oil trading operations.
Employees in Geneva, Dubai and Singapore have received termination offers and begun signing agreements, Bloomberg cited people familiar with the matter.
The staff reductions mark one of the clearest indications yet of the impact of US sanctions, announced in October and set to be implemented on 21 November.
Related: Russia’s Lukoil begins cutting workforce in Singapore and other countries
Related: Russian oil company Lukoil to sell international assets to Gunvor following US sanctions
Photo credit: Andrian Rubinskiy on Unsplash
Published: 8 January, 2026
