Chevron is evaluating a potential bid for Lukoil assets placed under pressure following recent U.S. sanctions, according to an exclusive report from Reuters, adding another major Western operator to the group reviewing opportunities created by Russia’s forced divestments.
The review covers a range of refining, fuel-marketing and upstream positions once held by Lukoil across Europe, the Middle East and Mexico.
Several international firms are analyzing the portfolio after Washington tightened measures on Rosneft and Lukoil last month, a move that accelerated the sell-down process. Several firms reviewing the portfolio are concentrating on how the sanctions framework affects day-to-day operations. These issues have become central to valuation because many of the assets were operating under exemptions or transitional arrangements before the latest U.S. measures took effect. Buyers are now reassessing which parts of the portfolio can be integrated smoothly into existing corporate structures without triggering additional compliance hurdles.
Carlyle has begun reviewing parts of the same Lukoil portfolio after a planned $22-billion transaction involving Gunvor fell apart. The review focuses on assets that can be acquired without extended transition periods or complex licensing work. Gunvor withdrew its bid after U.S. officials signaled they would not grant a licence for the purchase and publicly described the trader as the “Kremlin’s puppet”.
Gunvor’s decision to walk away reinforced expectations that state-aligned or large integrated companies are now more likely to pursue these divestments than commodity intermediaries.
Regional exposure remains a key variable. Several of the assets under review include refined-product networks tied to European demand centers, while others are linked to supply flows in the Middle East and Central Asia. Companies assessing the portfolio are focusing on jurisdictional clarity, the stability of local regulatory approvals and the long-term viability of existing offtake contracts.
Chevron has not commented on the review, according to Reuters, and no formal bid has been submitted.
By Charles Kennedy for Oilprice.com
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