The company said in response to a Reuters enquiry that Abu Dhabi-based International Holding Company conglomerate has shown interest in foreign assets of Russian oil group Lukoil to the U.S Treasury.
IHC becomes a part of a list of possible bidders on Lukoil global assets that now incorporates oil giants ExxonMobil and Chevron, and U.S. private equity Carlyle.
The number of potential suitors has grown as the U.S. Treasury on Friday approved negotiations to take place between Lukoil and companies; therefore, the authorization is valid until December 13.
IHC responded to the question of whether they have shown an interest to the U.S. Treasury in acquiring the foreign assets of Lukoil by saying: “Yes, we have expressed interest in Lukoil’s foreign assets.”
Last month, the U.S. imposed sanctions on two of the largest oil companies in Russia, Rosneft and Lukoil, in the hope of pressuring Russia to end the war in Ukraine.
Since the sanctions were set, Lukoil has experienced increasing disruptions of its foreign assets, which constitute approximately 0.5 percent of oil production in the world.
Lukoil has three European refineries, stakes in oilfields like Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, the UAE, and Nigeria, and hundreds of retail fuel stations worldwide, including those in the United States.
As the biggest listed company in Abu Dhabi, IHC 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.
The conglomerate is highly diversified with activities across healthcare, energy, real estate, agriculture, and mining, with global investments in the U.S., India, Latin America, and Africa.
Its CEO informed Reuters this week that IHC could invest between $30 billion to $35 billion within an 18-month cycle, funding its investments through debt and equity.
