Headlines
Exclusive-Abu Dhabi's IHC interested in Lukoil's foreign assets
Published by Global Banking & Finance Review®
Posted on November 21, 2025
2 min readLast updated: January 20, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on November 21, 2025
2 min readLast updated: January 20, 2026
IHC expresses interest in Lukoil's foreign assets as U.S. Treasury allows talks amid sanctions. Lukoil's global operations face disruptions.
By Rachna Uppal, Dmitry Zhdannikov and Yousef Saba
ABU DHABI (Reuters) -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.
(Reporting by Rachna Uppal in Abu Dhabi and Yousef Saba in Dubai.Writing by Ahmed Elimam.Editing by David Goodman and Jane Merriman)
Foreign assets refer to investments or properties owned by a company or individual in a country other than their own. These can include real estate, stocks, or business interests located outside the investor's home country.
Private equity is a form of investment where funds are directly invested in private companies or used to buy out public companies, leading to their delisting from stock exchanges. It typically involves long-term investment strategies.
Sanctions are restrictive measures imposed by countries or international bodies to influence or penalize a nation or entity. They can include trade restrictions, asset freezes, and financial prohibitions aimed at achieving foreign policy goals.
A conglomerate is a large corporation that consists of diverse companies operating in various industries. These businesses are often unrelated but are managed under a single corporate group for strategic and financial purposes.
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