Łukoil retention tanks seen on November 15, 2025 in Brussels, Belgium. © Thierry Monasse/Getty Images
Two US companies, Chevron and Quantum Capital Group, are preparing to take control of an global portfolio sanctioned by the Russian oil giant Łukoil. The administration of president Donald Trump signals support for this proposal, reports the Financial Times.
In October last year, Washington imposed sanctions on Russia's second largest oil maker as part of wider efforts to exert force on Moscow on Ukraine's conflict, forcing Łukoil to divest US$22 billion of abroad assets.
Due to sanctions, each transaction requires a peculiar licence from the Treasury Department, and the approval for negotiations was extended until January 17.
Chevron and Quantum will make an offer for the full portfolio of global assets of Łukoil, reported on Wednesday FT, which includes 3 European refineries, shares in oil and gas deposits in countries specified as Iraq, Kazakhstan, respective African countries and Mexico, as well as a network of over 2,000 service stations worldwide.
A high-ranking American authoritative welcomed the Quantum-Chevron proposal in his conversation with FT, stating:
"We are looking for a sale transaction that will turn ownership of these assets into the hands of the American owner and operator indefinitely".
Other entities that are reportedly curious in these assets are ExxonMobil, Hungarian company MOL, Emiracka global Holding Company, giant private equity Carlyle and Saudi Midad Energy.
The erstwhile bid of the Swiss merchant Gunvor Group collapsed in November after the US Treasury Department accused the company of ties to the Kremlin.
Moscow consistently condemned western sanctions as politically motivated and illegal, informing that they would have the other effect.
Following the fiasco of the deal with Gunvor, the spokesperson for Kremlin Dmitry Pieskov said that the situation with Łukoil highlighted that "illegal trade restrictions" imposed by the US are ‘unacceptable and detrimental to global trade’.
Chevron has had a legal and visual conflict for decades, mainly due to the immense environmental harm caused by Texaco's erstwhile activity in the Ecuadorian part of the Amazon, which ended in 2011 with a contested conviction of $9.5 billion.
The company besides faces wider criticism for its environmental activities, including greenwashing allegations and operational incidents worldwide.
Translated by Google Translator
source:https://www.rt.com/news/630701-us-consortium-bid-lukoil-assets/
