Adnoc Shows Interest in Lukoil Assets in Uzbekistan

The UAE’s state-owned company Abu Dhabi National Oil Co. (Adnoc) has expressed significant interest in Lukoil’s various foreign assets, particularly the gas projects in Uzbekistan.

This was reported by Bloomberg. Meanwhile, U.S. companies Exxon Mobil and Chevron are considering purchasing Lukoil's stake in the major West Qurna-2 project located in Iraq.

Interest in Lukoil’s assets has increased amidst the backdrop of U.S. sanctions expected to take effect on December 13. These sanctions have prompted the company to accelerate the sale of its international business.

Potential buyers are exploring various assets, but Lukoil prefers to sell its international assets as a single package. The company had previously attempted to sell these assets to the trading firm Gunvor, but this deal was blocked by the United States.

Sources indicate that certain potential investors are only interested in purchasing individual projects. As a result, there is a possibility that a financial entity might first acquire the entire package and later sell it off in separate parts.

Adnoc is the largest oil and gas corporation in the UAE, overseeing the country’s oil and gas extraction, processing, and export operations. It is one of the world’s most prominent energy companies and is actively expanding its international presence through the acquisition of stakes in foreign projects and investments.

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