Abu Dhabi’s International Holding Company (IHC) has confirmed to Reuters that it has expressed interest to the U.S. Treasury in acquiring Russian oil major Lukoil’s foreign assets, becoming the latest heavyweight to explore a potential deal.
Abu Dhabi’s International Holding Company (IHC) has confirmed to Reuters that it has expressed interest to the U.S. Treasury in acquiring Russian oil major Lukoil’s foreign assets, becoming the latest heavyweight to explore a potential deal.
IHC now joins ExxonMobil, Chevron and private equity group Carlyle among the growing list of companies examining Lukoil’s international portfolio, after Washington granted temporary authorisation for negotiations until December 13.
The U.S. imposed sweeping sanctions last month on Rosneft and Lukoil—Russia’s two largest oil companies—forcing Lukoil to reassess its overseas operations, which represent around 0.5% of global oil output.
The group’s assets include refineries in Europe, stakes in fields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, Nigeria and the UAE, as well as hundreds of fuel stations worldwide, including in the United States.
IHC, chaired by Sheikh Tahnoon bin Zayed Al Nahyan—brother of the UAE President and a key figure in the emirate’s sovereign wealth ecosystem—has rapidly expanded into global energy, real estate, healthcare and mining. Its CEO said this week that IHC could deploy $30–35 billion over the next 18 months through a mix of equity and debt.
The company declined to provide further details on the potential bid.
By Rachna Uppal, Dmitry Zhdannikov and Yousef Saba
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