Abu Dhabi’s International Holding Company (IHC) is bidding to acquire some of Russian oil company Lukoil’s international assets. Lukoil has been trying to offload its overseas operations after the US hit it with sanctions in late October. It has until 13 December to complete negotiations under an extension granted by the United States Office of Foreign Assets Control (Ofac).
IHC’s interest in Lukoil’s assets marks a new development for Abu Dhabi’s energy sector. IHC is a sprawling conglomerate listed on the Abu Dhabi stock exchange (ADX), but 61% of the company is owned by the Royal Group investment vehicle of Sheikh Tahnoon bin Zayed Al Nahyan. A brother of UAE President Mohamed bin Zayed, Sheikh Tahnoon is one of the most influential figures in the country with vast business interests. He also serves as the UAE’s National Security Advisor. (CONTINUED - 826 WORDS)
