Abu Dhabi-based International Holding Company has informed the US Treasury of its interest in acquiring the overseas assets of Russian oil major Lukoil, the conglomerate confirmed in response.
Led by Sheikh Tahnoon bin Zayed Al Nahyan, IHC joins a widening pool of prospective buyers for Lukoil’s global portfolio, alongside companies such as ExxonMobil, Chevron, and private equity group Carlyle.
The sale process for Lukoil’s overseas holdings began after the United States placed sanctions on the company.
Washington rejected Swiss commodity trader Gunvor as a potential acquirer, reopening the bidding process. Interested parties have until 13 December to engage with Lukoil, and any transaction will require US approval.
When asked whether it had formally notified the US Treasury of its interest, IHC responded: “Yes, we have expressed interest in Lukoil’s foreign assets.”
The company did not provide any additional comments.
The United States imposed sanctions on Rosneft and Lukoil, Russia’s two largest oil producers, in October as part of efforts to pressure Moscow to halt its war in Ukraine.
Since the restrictions were introduced, Lukoil has seen increasing operational challenges across its overseas network, which represents around 0.5 percent of global oil output.
The company’s international portfolio includes three European refineries, stakes in oilfields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, the UAE and Nigeria, as well as a broad network of retail fuel stations, including in the United States.
