(Jan 7): Chevron Corp and private equity group Quantum Energy Partners will join forces to buy the international assets of sanctioned Russian oil company Lukoil PJSC, according to the Financial Times (FT).
Chevron and Quantum would split the portfolio, which includes oil and gas production, refining facilities and filling stations, the newspaper said, citing people familiar with the matter. Lukoil values the assets at US$22 billion ($28.17 billion), according to the FT.
The move comes after the US government in October announced sanctions on Russia’s two largest crude oil producers, Rosneft PJSC and Lukoil. Commodities trader Gunvor Group had initially planned to acquire Lukoil’s international assets but pulled back after it drew acerbic criticism from the US, which said it would block the deal and alleged the company was under the Kremlin’s influence.
Quantum is buying the assets in collaboration with its London-based portfolio company Artemis Energy, the FT said.
Chevron and Quantum are among a growing list of suitors for Lukoil’s non-Russian assets. Others include Exxon Mobil Corp, Abu Dhabi conglomerate International Holding Co, Saudi Arabia’s Midad Energy, and Carlyle Group, which has hired Goldman Sachs Group Inc to help with the bid, according to Reuters.
A Chevron spokesperson told the FT that the company had a diverse portfolio and continues to assess potential opportunities, while Quantum declined to comment.
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Chevron and Quantum Energy did not immediately respond when contacted by Bloomberg outside working hours.
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