The agency indicates that the Abu Dhabi conglomerate, headed by a key member of the United Arab Emirates' ruling family, joins the growing list of potential buyers of Lukoil's global assets, which includes, among others, oil giants ExxonMobil and Chevron and the American private equity firm Carlyle.
Lukoil's international assets are up for sale after the US imposed sanctions on the company. Washington rejected the Swiss commodity trader Gunvor as a potential buyer, opening the way for others. They have until December 13 to talk with Lukoil, and specific contracts will require US consent.
IHC did not provide further comment.
See also: Chinese and Indian companies distance themselves from Russian oil companies. Reason? US sanctions
“The United States imposed sanctions on Russia's two largest oil companies, Rosneft and Lukoil, last month as part of Washington's efforts to pressure Moscow to end the war in Ukraine,” Reuters recalls.
Since the imposition of sanctions, Lukoil has been struggling with increasing disruptions to its foreign assets, which account for about 0.5 percent. world oil production.
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Lukoil has three refineries in Europe, interests in oil fields in Kazakhstan, Uzbekistan, Iraq, Mexico, Ghana, Egypt, the United Arab Emirates and Nigeria, and hundreds of gas stations around the world, including in the United States.
IHC, in turn, operates extensively in the healthcare, energy, real estate, agriculture and mining sectors, and its global investments are located in the USA, India, Latin America and Africa.
The company's CEO told Reuters this week that IHC may allocate from USD 30 to USD 35 billion. over 18 months by financing its investments with a combination of debt and equity.
The IHC is headed by an influential sheikh
IHC, the largest listed company in Abu Dhabiis headed by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE president's brother and national security adviser, who also heads two of the emirate's sovereign wealth funds.
See also: Russian oil prices are at their lowest level in 2.5 years. Donald Trump's sanctions are already working
Reuters notes that Sheikh Tahnoon is seen as a key figure in realizing the United Arab Emirates' ambitions to become a global center for artificial intelligence. He regularly meets with the world's top business and political leaders.
US President Donald Trump hosted Sheikh Thanoon at the White House in March.
IHC from Abu Dhabi – a large financial conglomerate
IHC (International Holding Company) from Abu Dhabi is a huge, diversified investment conglomerate, listed on the ADX stock exchange, which operates in many sectors – from real estate and construction, through financial services, health, to agriculture and technology.
The company was established in the late 1990s, initially operating in the fishing industry, and over time transformed into one of the largest holding companies in the Middle East. IHC manages hundreds of subsidiaries spread over dozens of countries, and its assets are growing very dynamically – in 2024, its revenues increased significantly and profits reached record levels.
Under the guidance of the management team, the company actively invests in future-oriented areas such as sustainable development, renewable energy, artificial intelligence, and creates new platforms, such as reinsurance. IHC has an ambitious development plan, assuming further expansion and consolidation of key assets.
