Abu Dhabi conglomerate International Holding Company has told the US treasury it is interested in buying Russian oil group Lukoil’s foreign assets, the company said in response to a Reuters enquiry.
IHC, the Abu Dhabi conglomerate led by the UAE’s Sheikh Tahnoon bin Zayed Al Nahyan, joins a growing list of potential bidders for Lukoil’s global assets that includes ExxonMobil, Chevron and US private equity firm Carlyle. Lukoil’s international assets are up for grabs after the US imposed sanctions on the company.
Washington rejected Swiss commodity trader Gunvor as a potential buyer, opening up the process to others. They have until December 13 to talk to Lukoil and US approval will be needed for specific deals.
Asked if IHC has notified the US treasury of its interest in Lukoil’s foreign assets, IHC said: “Yes, we have expressed interest in Lukoil’s foreign assets.”
IHC did not comment further.
The US imposed sanctions on Russia’s two biggest oil companies, Rosneft and Lukoil, in October as Washington seeks to pressure Moscow into ending the war in Ukraine.
Lukoil has faced growing disruptions to its foreign assets, which account for about 0.5 percent of global oil production, since the sanctions were imposed.
The company has three refineries in Europe, stakes in oilfields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, the UAE and Nigeria, and hundreds of retail fuel stations around the world, including in the US.
IHC has a wide range of activities, including healthcare, energy, real estate, agriculture and mining, with global investments in the US, India, Latin America and Africa.