US consortium strikes on Russian oil large’s abroad belongings – FT — RT World Information
Chevron and Quantum Capital Group are reportedly lining up a bid for sanctions-hit Lukoil’s $22 billion worldwide operations
Two US majors, Chevron and Quantum Capital Group, are lining up a bid to take management of the worldwide portfolio of sanctioned Russian oil large Lukoil, with the administration of President Donald Trump signaling its assist for the proposal, the Monetary Instances has reported.
Washington imposed sanctions on Russia’s second-biggest oil producer final October as a part of its broader effort to strain Moscow over the Ukraine battle, forcing Lukoil to divest its abroad holdings price $22 billion. Because of the sanctions, any transaction requires a selected license from the Treasury Division to proceed, with the clearance for negotiations prolonged till January 17.
Chevron and Quantum will bid for the entire portfolio of Lukoil’s worldwide belongings, FT wrote on Wednesday, which incorporates three European refineries, stakes in oil and fuel fields in international locations similar to Iraq, Kazakhstan, a number of African nations, and Mexico, plus a retail community of over 2,000 gasoline stations worldwide.
A senior US official welcomed the Quantum-Chevron proposal to the FT, stating, “We’re on the lookout for a divestment that locations possession of those belongings into the fingers of an American proprietor and operator advert infinitum.”
Different events reportedly eyeing the belongings embrace ExxonMobil, the Hungarian agency MOL, the Emirati Worldwide Holding Firm, personal fairness main Carlyle, and Saudi Arabia’s Midad Power. A earlier supply from Swiss-based dealer Gunvor Group collapsed in November after the US Treasury accused the agency of getting Kremlin ties.
Moscow has persistently condemned Western sanctions as politically motivated and unlawful, warning they’ll backfire. Following the collapse of the Gunvor deal, Kremlin spokesman Dmitry Peskov stated the state of affairs with Lukoil highlighted that “unlawful commerce restrictions” imposed by the US are “unacceptable and damage worldwide commerce.”
Chevron has confronted a decades-long authorized and public relations battle primarily over huge environmental injury from Texaco’s former operations within the Ecuadorian Amazon, culminating in a contested $9.5 billion judgment towards it in 2011. The corporate additionally faces broader criticism for its environmental report, together with allegations of greenwashing and operational incidents globally.
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