Quantum Energy Partners is working with Chevron on a potential bid for the international assets of sanctioned Russian oil producer Lukoil, the FT reports.

The assets are valued by Lukoil at about $22bn and include oil and gas production, refining facilities, and fuel retail networks, according to FT reports. The consortium plans to split the portfolio between the two buyers.

The bid follows US sanctions imposed last year on Russia’s largest crude producers, including Lukoil, which disrupted earlier sale plans. Commodities trader Gunvor had initially intended to acquire the assets but withdrew after facing US opposition.

Quantum is pursuing the transaction alongside its London-based portfolio company Artemis Energy. Chevron said it continues to assess global opportunities and operates in compliance with applicable laws and regulations.

The process has attracted interest from a range of strategic and financial buyers, highlighting continued private equity involvement in complex, politically sensitive energy transactions.

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