ABU DHABI: Abu Dhabi conglomerate International Holding Company has told the U.S. Treasury it is interested in buying Russian oil group Lukoil’s foreign assets, the company said in response to a Reuters enquiry.
IHC, an Abu Dhabi conglomerate led by a key member of the United Arab Emirates’ ruling family, joins a growing list of potential bidders for Lukoil’s global assets that includes oil majors ExxonMobil and Chevron, and U.S. private equity firm Carlyle.
Lukoil’s international assets are up for grabs after the U.S. 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 U.S. approval will be needed for specific deals.
Asked if IHC has notified the U.S. 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 U.S. last month imposed sanctions on Russia’s two biggest oil companies, Rosneft and Lukoil, 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% of global oil production, since the sanctions were imposed.
Lukoil 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 United States.
IHC has a wide range of activities, including healthcare, energy, real estate, agriculture and mining, with global investments in the U.S., India, Latin America and Africa.
Its CEO told Reuters this week IHC could deploy $30 billion to $35 billion over an 18-month cycle, funding its investments through a mix of debt and equity.
IHC, Abu Dhabi’s largest listed company, is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, brother of the UAE’s president and national security adviser, who is also head of two of the emirate’s sovereign wealth funds.
IHC is 61.2% owned by Royal Group, a private investment firm owned by Sheikh Tahnoon.
Sheikh Tahnoon is seen as key to the UAE’s ambitions of becoming a global AI hub and regularly meets with top global business and political leaders.
U.S. President Donald Trump hosted Sheikh Tahnoon at the White House in March.
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