12:47 PM EST, 11/17/2025 (MT Newswires) -- Chevron ( CVX ) is exploring the purchase of some global assets from the sanctioned Russian oil company Lukoil, Reuters reported Monday, citing five sources familiar with the matter.

The US last month sanctioned Russia's two largest oil companies, including Lukoil, as part of efforts to pressure Moscow into peace talks with Ukraine, the report added.

Chevron ( CVX ) is considering assets that overlap with its own operations rather than acquiring Lukoil's entire international portfolio, according to the sources, the report said, adding that Chevron ( CVX ) told Reuters that it follows all applicable laws and does not comment on commercial matters.

Lukoil produces about 2% of global oil and is seeking buyers for its overseas assets. These holdings include three European refineries, stakes in oilfields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, and Nigeria, and hundreds of retail fuel stations worldwide, including in the US, according to the news outlet.

Chevron ( CVX ) and Lukoil did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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