Chevron is exploring potential purchases of some of Lukoil’s foreign assets after the U.S. Treasury issued a short-term license allowing negotiations with the sanctioned Russian oil producer, Reuters reported Monday, citing five people familiar with the matter.
The license issued by the Treasury on Friday permits companies to discuss acquisitions of Lukoil’s overseas assets until Dec. 13, three weeks after U.S. sanctions on the Russian company take full effect on Nov. 21.
Chevron is assessing the purchase of Lukoil assets that overlap with its own interests instead of pursuing the Russian firm’s entire international portfolio, Reuters’ sources said.
The U.S. major told Reuters it complies with all applicable laws and regulations and does not comment on commercial matters.
Swiss commodities trader Gunvor withdrew its $22 billion bid to acquire Lukoil’s full overseas division earlier this month after the U.S. Treasury said it would block the deal.
Sources told Reuters last week that private equity group Carlyle was also reviewing options to buy Lukoil assets. Carlyle’s energy investment strategy is led by Jeffrey Currie, formerly a longtime head of commodities research at Goldman Sachs.
