EXCLUSIVE-Abu Dhabi's IHC interested in Lukoil's foreign assets

Abu Dhabi conglomerate International Holding Company has expressed interest in Russian oil group Lukoil's foreign assets to the U.S. Treasury, the company said in response to a Reuters enquiry.

Abu Dhabi conglomerate International Holding Company has expressed interest in Russian oil group Lukoil's foreign assets to the U.S. Treasury, the company said in response to a Reuters enquiry. IHC joins a growing list of potential bidders for Lukoil's global assets that now includes oil majors ExxonMobil and Chevron, and U.S. private equity firm Carlyle.

The potential suitors have increased since the U.S. Treasury on Friday gave clearance to companies to begin talks with Lukoil. The authorisation lasts through December 13. Asked if IHC has expressed interest to the U.S. Treasury about buying 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, 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. The conglomerate 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.

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