Abu Dhabi’s IHC eyes Russian oil group Lukoil’s foreign assets

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Abu Dhabi’s IHC eyes Russian oil group Lukoil’s foreign assets

November 22, 2025

ABU DHABI,— International Holding Company of Abu Dhabi said it has notified the United States Treasury that it is interested in acquiring the foreign assets of Russian oil producer Lukoil.

The statement was provided after Reuters asked the conglomerate whether it had communicated its interest to Washington. IHC confirmed that it had expressed interest and did not offer added comment.

The Abu Dhabi group, which is led by a senior member of the United Arab Emirates ruling family, joins several potential buyers now looking at Lukoil’s international operations.

According to information referenced in the Reuters request, the list of possible bidders includes ExxonMobil, Chevron and the private equity firm Carlyle.

Lukoil’s overseas assets became available after new United States sanctions were placed on the company. Washington previously turned down a proposed sale involving Swiss commodity trader Gunvor, allowing space for other firms to signal interest.

Companies have until December 13 to open talks with Lukoil. Any specific purchase would require approval from the United States government.

Sanctions announced last month targeted both Rosneft and Lukoil. The actions form part of Washington’s wider effort to apply economic pressure on Moscow over the conflict in Ukraine.

Lukoil’s international holdings represent around one half percent of global oil output and have faced broad disruptions since the sanctions were issued.

Lukoil owns three refineries in Europe and maintains stakes in oilfields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, the United Arab Emirates and Nigeria. It also operates retail fuel stations in several countries, including locations inside the United States.

IHC has become the largest listed company in Abu Dhabi and invests across healthcare, energy, real estate, agriculture and mining.

Its chief executive told Reuters this week that the company could deploy between 30 billion and 35 billion dollars within an eighteen month investment cycle through a mix of debt and equity.

IHC is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, who is the brother of the UAE president and serves as national security adviser. Royal Group, owned by Sheikh Tahnoon, controls just over sixty one percent of IHC.

He has been active in efforts to position the UAE as a global center for artificial intelligence and met United States President Donald Trump at the White House in March.

(With files from Reuters)