The UAE Company Expresses Interest in the Lukoil Assets Subject to Sanctions

The International Holding Company from the United Arab Emirates has expressed interest in acquiring foreign assets belonging to the Russian company Lukoil, which has been subject to American sanctions. IHC confirmed that it had expressed interest in acquiring Lukoil’s assets and had notified the US Treasury Department of this. IHC is headed by Sheikh Tahnoun bin Zayed Al Nahyan, brother of the UAE president, who is also the head of two sovereign wealth funds in the emirate of Abu Dhabi, according to eurointegration.com.ua. The Emirati company joins a growing list of contenders for Lukoil’s assets, which previously included ExxonMobil, Chevron and Carlyle. Swiss trading house Gunvor withdrew its bid after the US said it would not approve the deal. The number of potential bidders increased after the US gave interested companies permission to begin negotiations with Lukoil. The Russian company has three refineries in Europe, shares in oil production in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, the UAE and Nigeria, as well as hundreds of petrol stations around the world, including in the US.