WASHINGTON (dpa-AFX) - Chevron is looking into possibly acquiring parts of Lukoil's international operations now that the U.S. Treasury has given the green light for potential buyers to talk with the sanctioned Russian oil giant, according to sources who spoke to Reuters.
Last month, the U.S. imposed sanctions on Lukoil and Rosneft as a way to push Moscow toward peace talks regarding Ukraine. This has created a small opportunity for Western companies to explore Lukoil's foreign assets. Instead of chasing the entire portfolio, which is valued at over $20 billion, Chevron is focusing on specific assets where they already have some overlap with Lukoil.
About 2 percent of the world's oil is produced by Lukoil, which is looking for buyers for its foreign assets. These activities, which account for around 0.5 percent of global production, include retail fuel stations in several nations, oil projects in the Middle East, Africa, and Latin America, European refineries, and interests in significant Kazakh fields like Karachaganak and Tengiz.
Interest in one of the biggest sanctioned asset sales since the invasion of Ukraine has increased as private equity firm Carlyle is also considering a possible bid.
Chevron stated that it complies with all relevant laws and regulations, but it declined to comment on business-related issues.
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