Abu Dhabi conglomerate IHC expresses interest in Lukoil’s foreign assets

Abu Dhabi-based International Holding Company has informed the U.S. Treasury that it is interested in acquiring the foreign assets of Russian oil group Lukoil, the company confirmed in response to a Reuters inquiry.

IHC, a major conglomerate led by Sheikh Tahnoon bin Zayed Al Nahyan, a prominent member of the United Arab Emirates’ ruling family, joins a growing list of potential bidders for Lukoil’s international holdings. Other reported contenders include U.S. oil majors ExxonMobil and Chevron, as well as private equity firm Carlyle.

The sale of Lukoil’s foreign assets has become necessary following U.S. sanctions imposed on the company last month. Washington previously rejected Swiss commodity trader Gunvor as a potential buyer, leaving the process open to other interested parties. Prospective buyers have until December 13 to engage with Lukoil, and any acquisition of foreign assets will require U.S. approval. When asked if IHC had formally notified the U.S. Treasury, the company confirmed: “Yes, we have expressed interest in Lukoil’s foreign assets.” IHC declined to provide further comment.

The sanctions on Lukoil, alongside those on Russia’s largest oil company Rosneft, form part of U.S. efforts to pressure Moscow to end its war in Ukraine. Lukoil’s foreign holdings, though representing roughly 0.5% of global oil production, have faced increasing operational disruptions since the sanctions were announced.

Lukoil’s international portfolio includes three European refineries, stakes in oilfields across Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, the UAE, and Nigeria, as well as hundreds of retail fuel stations worldwide, including in the United States.

IHC itself operates across multiple sectors, including healthcare, energy, real estate, agriculture, and mining, with global investments spanning the U.S., India, Latin America, and Africa. Its CEO recently told Reuters that the company could deploy $30–35 billion in investments over an 18-month cycle, funded through a combination of debt and equity.

Abu Dhabi’s largest listed company, IHC is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, brother of the UAE president and national security adviser, who also heads two of the emirate’s sovereign wealth funds. The conglomerate is 61.2% owned by Royal Group, Sheikh Tahnoon’s private investment firm.

Sheikh Tahnoon is regarded as a key figure in the UAE’s ambitions to become a global AI hub and regularly engages with leading international business and political figures. Notably, he was hosted at the White House by former U.S. President Donald Trump in March 2025.

By Tamilla Hasanova