A major shift may be underway in the global oil market as US energy giant Chevron and private equity firm Quantum Capital Group prepare a joint bid for the foreign operations of Russia’s Lukoil. The proposed transaction is valued at approximately $22 billion, covering Lukoil’s assets outside of Russia.
The move comes amid Lukoil’s efforts to divest its international business following expanded US sanctions in October, which also targeted Rosneft in an effort to curb revenue streams supporting Moscow’s war in Ukraine.
Lukoil maintains a significant presence in southeastern Europe, owning Bulgaria’s only oil refinery, Neftohim Burgas, as well as the Petrotel refinery in Romania. The company also operates extensive fuel retail networks across Bulgaria, Romania, Serbia, Croatia, Montenegro, Moldova, and North Macedonia, supported by multiple fuel storage terminals throughout the region. In late 2025, Lukoil confirmed that it had formally initiated the sale of its Bulgarian operations, including both the refinery and its domestic retail business, signaling a broader withdrawal from EU and neighboring markets under mounting geopolitical pressure.
The divestment process is time-sensitive, as the US Office of Foreign Assets Control (OFAC) has granted temporary authorizations to negotiate and sign conditional sale agreements for Lukoil’s international assets. These authorizations are set to expire on January 17.
If completed, the deal would mark one of the largest oil-sector asset sales triggered by Western sanctions and could substantially reshape ownership of critical energy infrastructure across southeastern Europe.