The UAE's International Holding Company (IHC) said on Friday it is exploring the possibility of purchasing Lukoil's foreign assets.
IHC, the UAE's largest company by market capitalisation, told The National that it is in talks with the US Treasury Department's Office of Foreign Assets Control (Ofac) regarding its interest in the Russian energy company's international assets.
News of IHC's interest in Lukoil's foreign assets was first reported by Reuters.
The Financial Times reported on Friday that private equity company Carlyle and the oil company Chevron are also part of a range of groups interested in the Russian company's foreign assets. Carlyle and Chevron did not return The National's requests for comment.
Lukoil's overseas assets are on the market after the US placed heavy sanctions on the Russian oil company last month in response to Moscow's war against Ukraine. Treasury Secretary Scott Bessent told Fox Business that at the time the sanctions were among the largest it has imposed against Russia. Another Russian oil company, Rosneft, has also been subject to sanctions.
In addition to its stake in the UAE, Lukoil holds stakes in oilfields in Iraq, Egypt and elsewhere, and has three refineries in Europe.
Washington has issued licences allowing Lukoil to continue operating its global businesses until December 13. The energy company on Friday also dissolved the supervisory board for its international business.
IHC is chaired by Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser, and is keen to expand its portfolio of assets in the US, India and fast-growing economies in the Central Asian region. The Abu Dhabi-based company has been on an acquisition spree and aims to double its asset base to Dh800 billion ($218 billion) by 2030.
The company is seen as a key part of the UAE's diversification efforts. Companies under its umbrella include Abu Dhabi's largest listed developer Aldar Properties, Modon Properties, Adnec Group, Presight, Al Seer Marine and NMDC Group.
