American energy companies Chevron and Quantum Capital Group are reportedly preparing a USD22 billion bid to acquire the sanctioned Russian oil giant Lukoil, according to the Financial Times. The offer would cover the company’s refineries and over 2,000 gas stations across Europe, Asia, and the Middle East, including the Burgas refinery in Bulgaria, as well as various tax warehouses. The deal is said to have potential backing from the Donald Trump administration, which has allowed American firms to negotiate with Lukoil until January 17. At the current rate, USD22 billion is roughly €20.3 billion.

Chevron and Quantum Energy Partners are reportedly planning to split Lukoil’s international assets if the acquisition goes through. The Financial Times cites sources indicating that the two companies aim to purchase the full portfolio of Lukoil’s foreign holdings, with a long-term strategy to divide these assets between them. This structure of the deal appears to have the potential support of the Trump administration.

Lukoil was placed under sanctions on October 22, 2025, by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), targeting the company and its subsidiaries, including Lukoil – Western Siberia, Lukoil – Kaliningradmorneft, Lukoil – Perm, Uraloil, RITEK, and Lukoil – AIK. Shortly after, Lukoil announced its readiness to sell its foreign assets. On December 10, OFAC extended the license allowing American companies to negotiate and finalize conditional agreements for the sale of Lukoil International GmbH, the entity consolidating Lukoil’s international holdings, Vedomosti reported.

Interest in Lukoil’s foreign assets extends beyond Chevron and Quantum. Reuters reports that around ten investors have expressed interest, including ExxonMobil, Chevron, the Carlyle Group, and Saudi Midad Energy. Earlier in December, reports also indicated that Hungary’s MOL was exploring the possibility of acquiring some of Lukoil’s overseas holdings.

Lukoil’s assets in Bulgaria, particularly the Burgas refinery, remain strategically important, not only for Bulgaria but for the broader Balkan region. The refinery, along with the company’s network of gas stations, forms a critical part of the country’s energy infrastructure and the regional supply chain.