Global Scramble for Lukoil's Foreign Assets Amid Sanctions

Lukoil faces international pressure as potential bidders circle its foreign assets due to impending U.S. sanctions. Kazakhstan, Egypt, and Azerbaijan express interest, while possible asset freezes complicate matters. Experts suggest Lukoil may follow Rosneft's path by retaining ownership amid geopolitical uncertainties.

Lukoil, the Russian oil giant, is at the center of a global scramble as international buyers show interest in its foreign assets. This rush comes in the wake of impending U.S. sanctions linked to the ongoing Ukraine conflict.

The sanctions have already thwarted a planned sale to Gunvor and disrupted Lukoil's operations in various countries, including Iraq and Bulgaria. Potential buyers, such as Kazakhstan's KazMunayGas and Shell, are eyeing these assets while weighing the impact of sanctions.

With experts highlighting the complexities of asset sales under current conditions, Lukoil faces a delicate balancing act. The company may follow Rosneft's approach by retaining ownership despite potential freezes, as geopolitical tensions persist.

(With inputs from agencies.)