Lukoil has another bidder, Abu Dhabi giant IHC has signed up

Abu Dhabi conglomerate IHC has confirmed its interest in the foreign assets of Russian oil company Lukoil directly to the US Treasury.

IHC's interest comes shortly after the U.S. allowed the firms to begin negotiations with Lukoil, which is under sanctions over the war in Ukraine. The authorization to negotiate is valid until December 13, 2025.

This puts IHC among global players such as ExxonMobil, Chevron and Carlyle who have already expressed similar interest.

Lukoil has extensive assets ranging from refineries in Europe to oil fields in Asia, Africa and the Americas. IHC, led by Sheikh Tahnoon bin Zayed Al Nahyan, plans investments worth $30 billion to $35 billion and operates in diverse sectors.

The company has not yet commented on the details of the planned acquisition.

(reuters, swag)