A Houston energy giant is eyeing international assets worth billions

Houston-based companies could be teaming up on a reported $22 billion bid for international oil assets, according to the Financial Times.

HOUSTON — A giant public company and a major private equity firm — both based in Houston — could be teaming up to make a bid on $22 billion worth of international assets.

The Financial Times reported, citing people familiar with the matter, that Chevron Corp. (NYSE: CVX) and Quantum Capital Group are working on a bid to buy the international assets of sanctioned Russian oil company Lukoil.

In October, the U.S. Office of Foreign Assets Control designated Lukoil as a sanctioned company. Later that month, Lukoil announced it was working to sell its international assets, “owing to introduction of restrictive measures against the company and its subsidiaries by some states.”

Various media outlets have reported that Lukoil valued the assets at $22 billion.

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