Photo: EPA

Abu Dhabi-based investment conglomerate International Holding Company (IHC) has expressed interest in buying foreign assets of Russia's Lukoil, which has been sanctioned by the United States and the United Kingdom. About writes Reuters.

A representative of the fund told the agency that IHC had sent a request to the US OFAC, which had previously issued Lukoil license until December 13 to find buyers for the assets. The deal must be approved by the US Treasury.

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IHC is a sovereign wealth fund of Abu Dhabi. It is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, brother and National Security Advisor to the President of the UAE.

Earlier this week, the company's CEO Syed Basar Shueb told Reuters that IHC could allocate between $30 billion and $35 billion over an 18-month cycle, financing its investments with debt and equity.

IHC is engaged in a broad range of activities, including healthcare, energy, real estate, agriculture and mining, with global investments in the United States, India, Latin America and Africa.

Among the bidders for Lukoil's assets abroad were the American Exxon, Chevron and Carlyle Group (the latter is also an investment fund).

Initially, Lukoil International GmbH wanted to buy the oil trader Gunvor, and at the time of the announcement of its interest, all the terms of the deal were even agreed upon. But US calls Gunvor a "Kremlin puppet" and refused to issue a purchase license. After that, Gunvor withdrew its offer.

The FT wrote that after the US blocked a deal to sell foreign assets to Gunvor, the Russian oil giant Lukoil risks lose property abroad worth about 14 billion euros.

  • According to The Wall Street Journal, the largest oil company in the Emirates ADNOC claims a share in Russia in the sanctioned Naftna Industrija Srbije (NIS).