Finance
Rival bidders pursue Lukoil assets despite Carlyle deal, sources say
Published by Global Banking & Finance Review®
Posted on February 5, 2026
3 min readLast updated: February 5, 2026
Quick Summary
Chevron and Carlyle are competing for Lukoil's assets amid regulatory challenges. The sale requires approvals from OFAC and the Kremlin.
Chevron and Quantum Compete for Lukoil Assets Amid Carlyle Deal
Overview of Lukoil Asset Sale
By Anna Hirtenstein
Current Bidders and Partnerships
Feb 5 (Reuters) - At least two companies including Chevron are vying for Lukoil’s global assets despite the Russian energy company's initial agreement last week to sell the portfolio to U.S. private equity firm Carlyle, four sources familiar with the conversations say.
Regulatory Approvals Required
Lukoil has until February 28 to sell the assets, the latest deadline set by the U.S. Treasury, which imposed sanctions on Lukoil and Rosneft last year to push Moscow to agree a peace deal with Ukraine.
Negotiation Strategies
A partnership between Chevron and Texas-based Quantum Energy Partners, as well as a group led by investment bank Xtellus Partners, are still in talks with Lukoil and the U.S. government over the assets, according to two sources familiar with the discussions.
"It's definitely not a done deal yet, Carlyle is just now starting to take a closer look at Lukoil's assets," said a source close to Lukoil. "The winds could still change on this sale."
Lukoil has said it is continuing negotiations with other potential buyers.
Quantum declined to comment. Chevron didn't immediately respond to a request for comment.
CARLYLE IN PARTNERSHIP TALKS
The Lukoil portfolio, initially valued around $22 billion, has attracted interest from at least a dozen companies from Exxon Mobil to the former owner of Pornhub, Bernd Bergmair. The U.S. Treasury's Office for Foreign Assets Control rejected bids put forward by Geneva-based commodity trading house Gunvor and Xtellus.
Carlyle agreed to buy Lukoil’s assets, excluding those in Kazakhstan, on January 29. The fund is in talks to partner with Abu Dhabi-based funds Mubadala, XRG and IHC, as well as the U.S. Development Finance Corporation for the deal, according to sources.
The agreement still requires approval from OFAC. Lukoil would also need a green light from the Kremlin and the Russian central bank, according to sources close to the process.
Xtellus, which is the former U.S. branch of Russian bank VTB, is working in a consortium with American billionaire Todd Boehly and UAE’s Allied Investment Partners, sources with knowledge of the matter have said.
They put forward an idea to pay for the deal in frozen Lukoil shares owned by U.S. investors, rather than a cash payment. The consortium is still seeking to advance this plan and has had conversations with U.S. officials, according to a sixth source.
(Reporting by Anna Hirtenstein;Editing by Dmitry Zhdannikov and Emelia Sithole-Matarise)
Key Takeaways
- •Chevron and Quantum Energy Partners are competing for Lukoil's assets.
- •Carlyle has an initial agreement to buy Lukoil's assets.
- •The U.S. Treasury has set a deadline for the sale.
- •Regulatory approvals are needed from OFAC and the Kremlin.
- •Xtellus Partners proposes a unique payment method.
Frequently Asked Questions about Rival bidders pursue Lukoil assets despite Carlyle deal, sources say
1What is a private equity firm?
A private equity firm is an investment company that buys and restructures companies, often using funds raised from investors. They aim to improve the company's profitability and eventually sell it for a profit.
2What is a bidding war?
A bidding war occurs when multiple parties compete to purchase an asset by continuously increasing their offers, often leading to a higher final sale price.
3What is an asset sale?
An asset sale involves selling specific assets of a company rather than its stock or ownership. This can include physical assets, intellectual property, or customer contracts.
4What is a partnership in business?
A partnership in business is a formal arrangement where two or more parties agree to manage and operate a business together, sharing profits and responsibilities.
