Rival bidders pursue Lukoil assets despite Carlyle deal, sources say

On February 6, 2026, Chevron emerged as one of at least two companies pursuing Lukoil's global assets, despite the Russian energy company's initial agreement to sell them to U.S. private equity firm Carlyle on January 29. The deadline for Lukoil to finalize the sale is February 28, as set by the U.S. Treasury, which imposed sanctions on Lukoil and Rosneft to pressure Moscow into a peace deal with Ukraine. A partnership between Chevron and Texas-based Quantum Energy Partners, along with a group led by investment bank Xtellus Partners, is still in talks with Lukoil and the U.S. government regarding the assets. The Lukoil portfolio, initially valued around $22 billion, has attracted interest from at least a dozen companies, including Exxon Mobil and former Pornhub owner Bernd Bergmair. The U.S. Treasury’s Office for Foreign Assets Control rejected bids by Geneva-based commodity trading house Gunvor and Xtellus. Carlyle's agreement to buy Lukoil’s assets, excluding those in Kazakhstan, still requires approval from OFAC, the Kremlin, and the Russian central bank. Carlyle 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. Xtellus, working in a consortium with American billionaire Todd Boehly and UAE’s Allied Investment Partners, has proposed paying for the deal in frozen Lukoil shares owned by U.S. investors, rather than a cash payment. This consortium is still seeking to advance this plan and has had conversations with U.S. officials.