American energy companies Chevron and Quantum Capital Group are preparing a $22 billion (20.3 billion euro) bid to acquire the international assets of Russian group Lukoil, which has been hit by sanctions, the Financial Times reported.

The offer targets the Russian company’s refineries and more than 2,000 gas stations in Europe, Asia, and the Middle East, including the Burgas refinery in Bulgaria, and various tax warehouses.

The transaction is expected to have the potential support of the Trump administration, which has allowed American companies to negotiate with Lukoil until January 17, according to Agerpres.

If the transaction goes through, Chevron and Quantum Energy Partners intend to divide between them Lukoil’s entire foreign portfolio. This structure of the deal appears to have the potential support of the Trump administration, the Financial Times said, citing sources who wished to remain anonymous.

Other companies, including ExxonMobil, Chevron, Carlyle Group, Midad Energy and MOL, are also interested in Lukoil’s international assets.

The United States and Britain imposed sanctions on Russia’s two largest oil companies, Lukoil and Rosneft, in October over its invasion of Ukraine. The United States later extended the deadline for selling Lukoil’s international assets to January 17, 2026.

Lukoil has faced disruptions in its foreign operations since the U.S. sanctions were imposed. Lukoil produces about 2 percent of global oil production in Russia and abroad and has said it is seeking buyers for its international assets, which produce 0.5 percent of global oil and are estimated to be worth about $22 billion based on 2024 financial statements.