Chevron and Quantum Energy plan joint bid for Lukoil's international assets

Last fall, Lukoil announced that its international assets were for sale after U.S. sanctions against the company made it difficult to operate. The assets are estimated to be worth around $22 billion.

Last fall, the Swedish-linked company Gunvor withdrew its bid for the assets after the U.S. Treasury Department wrote on social media that it would never approve a license for Gunvor, saying it viewed the company as "the Kremlin's puppet."