Growing Interest in Lukoil's International Assets

ExxonMobil and Abu Dhabi National Oil Company (Adnoc) have reportedly joined other industry players, including The Carlyle Group and Chevron, in expressing interest in acquiring international assets from the sanctioned Russian company Lukoil. This development highlights a competitive landscape as companies evaluate opportunities arising from Lukoil's need to divest its overseas holdings.

Divestiture Strategy and Buyer Preferences

Lukoil is said to prefer selling its international assets as a single package ahead of sanctions scheduled to take effect on 13 December. However, some potential buyers are only interested in specific assets, creating a potential conflict in the divestiture process. The total value of Lukoil's international assets is estimated at approximately $22 billion based on 2024 filings.

Specific Asset Evaluations by Companies

ExxonMobil and Chevron are reportedly evaluating Lukoil's stake in the West Qurna 2 field in Iraq. Meanwhile, Adnoc's international investment unit XRG is considering various Lukoil assets, with particular focus on the Russian company's natural gas operations in Uzbekistan. This targeted approach reflects the strategic priorities of different suitors in the potential acquisition.

Previous Failed Transaction and Company Responses

Lukoil had initially agreed to divest its entire international business to Swiss commodities trader Gunvor Group, but this transaction was blocked by the administration of US President Donald Trump. When contacted for comment, Chevron, ExxonMobil, and Adnoc all declined to discuss the matter, with Chevron specifically noting it operates under a code of business ethics and complies with applicable laws and regulations.

This material is an AI-assisted summary based on publicly available sources and may contain inaccuracies. For the original and full details, please refer to the source link. Based on materials by Amanda Battersby. All rights to the original text and images remain with their respective rights holders.