US oil company Chevron is exploring options to acquire overseas assets of sanctioned Russian oil firm Lukoil, according to sources familiar with the matter. Last week the US Treasury cleared potential buyers to discuss Lukoil’s international holdings.
Chevron would join private equity firm Carlyle and other companies in the competition for the Russian company’s portfolio, which is valued at roughly $20 bn. Sources said Chevron is focusing on areas where it overlaps with Lukoil rather than attempting to buy the entire international portfolio. Chevron has not publicly commented on the reports.
Lukoil produces about 2% of the world’s oil...