financetom
Business
financetom
/
Business
/
Exxon joins Chevron in pursuing parts of Lukoil global empire, sources say
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Exxon joins Chevron in pursuing parts of Lukoil global empire, sources say
Nov 18, 2025 5:38 PM

LONDON/NEW YORK (Reuters) -U.S. oil major Exxon Mobil ( XOM ) has joined rival Chevron Corp ( CVX ) in considering options to buy parts of sanctioned Russian oil major Lukoil's international assets, sources familiar with the matter said.

Exxon is considering options for Lukoil assets in Kazakhstan, where both the U.S. and the Russian firm have stakes in the Karachaganak and Tengiz fields, the sources said. Chevron ( CVX ), another partner in these assets, is also studying options to buy them, Reuters reported on Monday.

Exxon might also study a potential bid for the West Qurna 2 field in Iraq, which is operated by Lukoil and is the Russian firm's most-prized asset, two of the sources said. The U.S. company had long been the operator of the neighboring West Qurna 1 project before exiting last year.

Exxon declined to comment.

The list of potential bidders for Lukoil's global assets has been growing since the U.S. Treasury on Friday gave clearance to companies to begin talks with Lukoil. The authorization lasts through December 13.

Bloomberg reported on Exxon and Abu Dhabi National Oil Company interest in Lukoil assets earlier on Tuesday.

U.S. private equity firm Carlyle is among those exploring options to buy Lukoil's foreign assets, sources told Reuters last week.

Lukoil has three refineries in Europe, stakes in oilfields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt and Nigeria, and hundreds of retail fuel stations around the world, including in the United States.

The company's foreign assets extract about 0.5% of global oil, based on 2024 filing.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
FDA Approves KalVista's Ekterly As First Oral On-Demand Treatment For Rare Swelling Disease
FDA Approves KalVista's Ekterly As First Oral On-Demand Treatment For Rare Swelling Disease
Jul 7, 2025
The U.S. Food and Drug Administration (FDA) on Monday approved KalVista Pharmaceuticals Inc.’s Ekterly (sebetralstat) for acute attacks of hereditary angioedema (HAE) in adult and pediatric patients aged 12 years and older. Ekterly is the first and only oral on-demand treatment for HAE. HAE is characterized by recurrent episodes of severe swelling (angioedema). The efficacy and safety of Ekterly were established...
BlackRock to Acquire Real Estate Investment Firm ElmTree for Undisclosed Sum
BlackRock to Acquire Real Estate Investment Firm ElmTree for Undisclosed Sum
Jul 7, 2025
07:47 AM EDT, 07/07/2025 (MT Newswires) -- BlackRock ( BLK ) said Monday it has signed a definitive agreement to acquire ElmTree Funds, a net-lease real estate investment firm with $7.3 billion in total assets under management. The upfront payment will be primarily in stock, with potential additional consideration tied to ElmTree's performance over the next five years, Blackrock (...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Royal Gold Agrees to Acquire Sandstorm Gold, Horizon Copper
Royal Gold Agrees to Acquire Sandstorm Gold, Horizon Copper
Jul 7, 2025
07:50 AM EDT, 07/07/2025 (MT Newswires) -- Royal Gold ( RGLD ) said Monday it has agreed to acquire Sandstorm Gold ( SAND ) and Horizon Copper in two deals. Under the transaction with Sandstorm, Royal Gold ( RGLD ) said it will acquire all of Sandstorm's shares through an all-stock deal at an exchange ratio of 0.0625 Royal Gold...
Copyright 2023-2026 - www.financetom.com All Rights Reserved