At least two rival groups are continuing to press for Lukoil’s global asset portfolio even after a reported agreement for Carlyle to acquire the holdings, according to people familiar with the discussions. Sources told Reuters that Chevron is among the suitors actively exploring a bid alongside other interested parties.
The U.S. Treasury has imposed a timeline on the disposition: Lukoil must complete a sale by February 28, the latest deadline set by the Office of Foreign Assets Control (OFAC). Sanctions placed on Lukoil and Rosneft last year underpin that requirement; officials say those measures were intended to push Moscow toward a negotiated peace deal with Ukraine.
Two separate sources described ongoing negotiations involving a partnership pairing Chevron with Texas-based private equity firm Quantum Energy Partners, and a competing group led by investment bank Xtellus Partners. Both are reported to be in conversations not only with Lukoil but also with U.S. government representatives who are involved in vetting potential buyers.
A source close to Lukoil cautioned that the deal with Carlyle is not final. "It’s definitely not a done deal yet, Carlyle is just now starting to take a closer look at Lukoil’s assets," the person said, adding that the direction of the sale could shift as negotiations proceed. Lukoil itself has stated publicly that it continues to hold talks with other prospective purchasers.
Representatives for Quantum declined to comment when contacted. Chevron did not immediately reply to a request for comment.
Carlyle’s positioning and partnership discussions
The portfolio of Lukoil assets initially carried an estimated valuation of about $22 billion and has attracted expressions of interest from more than a dozen parties, ranging from major oil companies to individual investors. Among those named as having shown interest were Exxon Mobil and Bernd Bergmair.
OFAC has already rejected some proposals. Officials turned down bids from Geneva-based commodity trader Gunvor and from Xtellus, according to the sources.
On January 29 Carlyle agreed to purchase Lukoil’s assets other than those located in Kazakhstan. The private equity firm is reported to be exploring financing and partnership options for that acquisition. Sources say Carlyle is in talks to partner with Abu Dhabi-based Mubadala, funds identified as XRG and IHC, and with the U.S. Development Finance Corporation.
Even with an agreement in place, any transaction requires OFAC approval. Sources also said Lukoil would need authorization from Russian authorities before completing a transfer - specifically sign-off from the Kremlin and from the Russian central bank.
Xtellus consortium and alternative payment proposal
Xtellus, described by sources as the former U.S. arm of Russian bank VTB, is reported to be working within a consortium that includes American investor Todd Boehly and UAE-based Allied Investment Partners. That group has presented a non-cash payment concept to U.S. officials: rather than a traditional cash purchase, they proposed using frozen Lukoil shares held by U.S. investors as the means of payment.
Sources say the consortium continues to pursue that approach and has held conversations with U.S. officials to try to advance the plan, though OFAC previously declined the Xtellus bid.
Context for bidders and timing
The competitive environment around the portfolio remains fluid. With multiple parties still engaged and U.S. and Russian approvals required, the ultimate buyer is not yet assured. The February 28 deadline established by the U.S. Treasury sets a narrow window for interested groups to secure the necessary regulatory clearances and finalize transaction terms.