Diplomacy
Chevron eyes Lukoil’s Iraqi oil fields amid potential asset sale
US-based oil and gas company Chevron is reportedly exploring options to acquire the foreign assets of Russian energy company Lukoil.
Five sources familiar with the process confirmed to Reuters that Chevron is preparing for such a move.
Sanctions against the Russian company were expected to come into full effect on November 21.
However, the US Treasury Department introduced some exceptions through several licenses issued on Friday.
One of these licenses allows companies to negotiate with Lukoil regarding the sale of its foreign assets until December 13.
Chevron is not interested in the entire portfolio
Reuters‘ sources indicated that Chevron is considering acquiring assets in regions where its interests and operational areas overlap, rather than Lukoil’s entire international portfolio.
In a statement to the agency, Chevron stated that it complies with all laws and regulations related to its operations and declined to comment on commercial matters.
Previously, the US had rejected an attempt by the oil trading company Gunvor to acquire all of Lukoil’s foreign units.
Following this development, other potential buyers began to monitor the company’s assets more closely.
Last week, reports emerged that the private equity fund Carlyle was also exploring the acquisition of some of Lukoil’s assets.
Jeff Currie, who served for many years as the director of commodity market analysis at Goldman Sachs, has been working as the director of strategy in the energy sector at Carlyle for several years.
Chevron has its eye on fields in Iraq
Chevron is a vertically integrated oil and gas company. The company operates in hydrocarbon exploration, production, refining, marketing, transportation, chemical manufacturing and sales, and power generation.
As the second-largest oil company in the US by revenue after Exxon Mobil, Chevron is involved in every link of the production chain. Therefore, many of Lukoil’s assets could be attractive to the company.
For example, Lukoil is managing the development project for the large-scale West Qurna-2 field in Iraq.
Until recently, Chevron did not have significant operations in the country, but it began to increase its activities in the region with agreements signed in August to develop the Nasiriyah and Balad oil fields.
Negotiations continue for West Qurna-2
Last week, Lukoil announced it had declared force majeure at the West Qurna-2 field because it had stopped receiving money and oil from the government.
Three energy officials in Baghdad told Reuters that the Iraqi government is negotiating with Washington for a six-month license.
This license would allow Lukoil to continue its operations while negotiations for the sale of its 75% stake in the field are ongoing.
The same officials ruled out the state acquiring this stake, stating that it is too large an asset for public companies.
According to the officials, there are at least three companies interested in acquiring Lukoil’s stake. One is reportedly Chinese, and the other two are Western.
Former boss Alekperov also joined the talks
The Iraqi Prime Minister’s Office announced yesterday that the Prime Minister met with Vagit Alekperov, the founder and former head of Lukoil.
It was noted that the discussion focused on ensuring the company’s uninterrupted operations at the field until the issue of the asset sale is resolved.
It is not known in what capacity Alekperov, who left Lukoil after being sanctioned at the beginning of the war in Ukraine, is conducting the negotiations.
Meanwhile, Lukoil also holds a stake in an offshore field in Nigeria being developed by Chevron.
Furthermore, it is believed that Chevron, which has an extensive network of gas stations in the US, may also be interested in Lukoil’s gas stations located in several states.
Diplomacy
CSTO strips Armenia of voting rights over two-year budget debt
Members of the Collective Security Treaty Organization (CSTO) have stripped Armenia of its voting rights and its ability to appoint representatives to official positions due to a two-year debt to the organization’s budget.
Kremlin Spokesman Dmitry Peskov said, “This decision was taken based on the organization’s charter due to Armenia’s failure to fulfil its obligations for several years.”
Prior to the CSTO leaders’ summit in Moscow, Peskov had stated that member states would “react” to the Caucasus country’s non-participation in the organization’s activities.
Ahead of the Moscow summit, Armenian Prime Minister Nikol Pashinyan said his country’s “interest has run out” regarding the CSTO. Through his press spokesperson, he announced that he would travel to Türkiye on 11 November to attend the United Nations Climate Change Conference (COP31) instead of going to Russia.
The CSTO leaders’ meeting was held with the participation of Russian President Vladimir Putin alongside the leaders of Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan.
The leaders jointly took the decision to revoke Armenia’s voting rights.
At the conclusion of the meeting, the participants also signed a joint declaration.
The declaration stated: “We confirm our unconditional commitment to the goals set out in the CSTO treaty and charter towards creating favourable and stable conditions for the comprehensive development of member states.”
Pashinyan had frozen Yerevan’s de facto participation in the CSTO in February 2024, citing the organization’s failure to aid the Armenian side during the armed clashes in Nagorno-Karabakh in September 2023.
Having referred to the CSTO as a “soap-bubble alliance” since that time, Pashinyan accused the organization’s members of “planning war” together with Baku. He stated that Armenia would not return to active work within the alliance at least “over the next five years”, adding that he would welcome it if the country were expelled from membership.
Relations between Armenia and Russia grew tense once again in the spring of 2026, after Yerevan moved closer to the European Union (EU) and the Kremlin responded with a trade war.
In May, Pashinyan refused to travel to Moscow to attend the Victory Day parade and declared that he did not support Russia on the Ukraine issue.
In response, Putin called on Yerevan to determine its foreign policy course through a referendum, advising Armenian authorities not to forget the fate of Ukraine.
Diplomacy
US urges Russia to draft proposals for new European security pact
The US administration has reportedly called on Russia to submit proposals for a prospective security treaty with Europe that would include measures to ease tensions between European nations and Moscow.
According to a report by news site Axios citing sources familiar with the matter, the US side conveyed the request during trilateral negotiations held in Abu Dhabi.
During the talks, US Special Envoy Steve Witkoff and Donald Trump’s son-in-law Jared Kushner suggested that the Russian delegation prepare a fresh proposal outlining its security concerns and demands.
The US delegation reportedly asked that this proposal clarify what kind of “symmetrical steps” Moscow is prepared to take to de-escalate tensions and “provide non-aggression guarantees to Europe”.
Another source familiar with the White House’s approach said the Trump administration aims to run the processes for a new European security architecture and a peace agreement between Russia and Ukraine simultaneously.
Under this plan, the actual implementation of the security understandings would take effect only after the signing of an accord ending the conflict in Ukraine.
Assessing the approach to the process, the source said: “[Ukrainian President Volodymyr] Zelenskyy will not agree to any compromise without knowing what will happen next regarding security guarantees. Putin also wants to see the exact same picture clearly. This is precisely why the security portfolio is so decisive.”
The same official noted that the US will not reach a security agreement with Russia without the support of Europe and Ukraine, adding that Washington will not grant Moscow veto power over European security decisions.
Vladimir Medinsky, aide to the Russian president and head of the delegation in the Ukraine negotiations, previously stated that the fundamental objective was building a comprehensive new security system in Europe.
Medinsky noted that the structure in question must take on the character of “a fair, new, modern Yalta and Potsdam that carries the spirit of Helsinki 1975 and responds to contemporary realities”.
The Russian official argued that if such a system were established, peace lasting for decades, or even centuries, could be secured in Europe.
Russian Foreign Minister Sergey Lavrov also announced that Moscow possesses its own position paper on how a new security architecture in Eurasia should take shape.
Lavrov stated that Russia hopes the Washington administration will “maintain its determination to pursue dialogue aimed at achieving an honest balance of interests where nobody’s security is impaired”.
Russian authorities have repeatedly stated that the country has no intention of attacking Europe.
Pointing out that they have no reason to fight NATO countries, Russian President Vladimir Putin previously said: “We have no interest whatsoever, neither geopolitical nor economic, political nor military.”
In a statement in October, Putin said Russia has no plans to attack anyone “in 2029, in 2030, or in the year 2050”.
On the other hand, Putin claimed that “all NATO countries are fighting Russia” and stated that the Russian military is currently the most combat-ready armed force in the world.
Following the contacts in Abu Dhabi, Kushner announced that he and Witkoff would travel to Moscow.
Explaining that they plan to meet Putin during the visit to discuss European participation in negotiations aimed at resolving the conflict, Kushner argued that the parties could make “far greater progress” if the Russian leader consents to such involvement.
Yury Ushakov, aide to the Russian president, stated that the US special envoys will arrive in Moscow on 12 November, with the planned meeting with the Russian president scheduled for the first half of the day.
Diplomacy
Vance leads indirect push for US-Iran ceasefire and nuclear talks
US Vice-President JD Vance has been personally involved over the past two weeks in indirect talks with Iran aimed at securing a fresh ceasefire and restarting nuclear negotiations.
According to Axios, Vance’s intense engagement indicates that he has taken it upon himself to extract the US from the conflict, which he views as responsible for the Republican Party’s shocking losses in this week’s elections.
This elevates the latest round of indirect talks to the highest echelons of the administration.
US officials and regional sources state that Trump is currently willing to let diplomatic efforts run their course to see whether any agreement is achievable.
Asked by reporters on Friday what his message was to Iran, Trump said, “We are talking to them.”
According to sources with direct knowledge of the matter, Vance speaks almost daily with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, Pakistan’s Chief of Army Staff Field Marshal Asim Munir, and other mediators regarding the negotiations with Iran.
White House envoy Steve Witkoff and Jared Kushner, President Trump’s adviser and son-in-law, are also involved in the process.
Sources say Vance and the Qatari and Pakistani mediators have been discussing the possibility of holding a working-level technical meeting between the US and Iran in the coming days, though this has not yet materialized.
Before the war began in late February, Vance was among the most sceptical voices in Trump’s inner circle on the issue, advocating instead for a diplomatic solution.
In April, he led the US negotiating delegation at the Iran summit held in Islamabad and was personally involved in the talks that yielded a memorandum of understanding (MOU) signed between the US and Iran in June.
Vance subsequently headed the US delegation during a series of direct talks with Iran in Switzerland.
Two weeks ago, Vance sent a letter to Mohsen Rezaei, Secretary of Iran’s Supreme National Security Council, proposing that direct negotiations resume.
Rezaei is one of the closest advisers to Iran’s Supreme Leader, Mojtaba Khamenei.
Iranian officials noted that Vance’s letter generated positive momentum toward restarting talks.
On Wednesday, Vance said the war was the primary reason for the Republicans’ repudiation at the polls.
Sources involved in mediation efforts report that while progress is being made, the process is moving very slowly.
On Friday evening, the prime minister of Qatar said, “Over the past few weeks, we worked with our colleagues in the US administration who have a sincere intention to contain the situation and de-escalate. Thanks to them and the voices of reason in Tehran, we prevented the situation from spinning out of control.”
The prime minister added that discussions with the Trump administration continued following the midterm elections, though they were not as active as in previous days “because there are other matters.”
Nevertheless, he noted that the US intention to find a diplomatic resolution “remains ongoing” and emphasized that an agreement is possible.
On Friday morning, Trump and the Emir of Qatar discussed Qatari efforts to bridge differences between the US and Iran as part of an accord.
According to a statement from his office, Sheikh Tamim emphasized the necessity of “pursuing dialogue and diplomatic channels to resolve differences, prevent the region from facing further escalation, and ensure freedom of maritime navigation as well as the security of energy supplies.”
Separately, Trump confirmed on Friday that the US military conducted a strike on an anti-aircraft missile launcher on Qeshm Island in the Strait of Hormuz after it fired a missile at a US fighter jet.
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