The American oil and gas corporation Chevron is exploring the possibility of purchasing the international assets of Lukoil, which is under U.S. sanctions. This move became possible after the U.S. Treasury Department allowed potential buyers to begin negotiations with Lukoil last week. Thus, Chevron joins the race for the assets of the Russian company alongside participants such as Carlyle and several other investment firms. The total value of the portfolio is estimated at least at $20 billion.
This is reported by Business • Media
Conditions for Asset Sale and Deal Details
Chevron is considering options to acquire only those assets of Lukoil that overlap with its own interests, rather than the entire portfolio. In particular, this concerns Lukoil’s stake in the Nigerian offshore license OML-140, which is operated by Chevron itself. A condition for any deal is a complete severance of relations between the buyer and the Russian company, as well as the mandatory deposit of funds from the sale into an escrow account, to which Lukoil will not have access as long as sanctions are in place.
Postponement of Sanctions and New Management Decisions
The U.S. Office of Foreign Assets Control (OFAC) has postponed the start of sanctions against Lukoil for three weeks—until December 13. Separately, OFAC has granted permission to complete transactions involving the company’s assets in Bulgaria until April 29, 2026. In Bulgaria, Lukoil has already come under external control: the director of the Bulgarian tax service, Rumen Spetsov, has been appointed by the government as the manager of the group’s companies in the country.
The U.S. will allow the purchase of Lukoil’s foreign assets only if there is a complete break in relations with the Russian company and the funds from this sale are deposited into an escrow account, to which Lukoil will not have access while under sanctions.
Meanwhile, Iraq has approached the U.S. Treasury Department with a request to postpone sanctions against Lukoil. This is intended to allow the Russian company to sell its 75% stake in the West Qurna-2 oil field. These assets are already being claimed by one Chinese company and two Western entities. At the same time, the Iraqi authorities have stated that they do not consider the possibility of the state purchasing this stake due to the project’s overly large scale. The remaining stake in the project belongs to the state-owned North Oil Company.