Over half of Lukoil's international assets could go to Middle Eastern investors as part of a deal with the US. The US government could potentially take a 15% stake, The New York Times (NYT) reported, citing sources.
Potential investors include UAE President Tahnoun bin Zayed Al Nahyan, his brother, and Syrian billionaire brothers Ramez and Mutaz al-Hayat from Qatar, who are business partners of Jared Kushner, son-in-law of US President Donald Trump, in a project to build a resort on the Mediterranean coast.
In turn, the US government, with the participation of American businessman Todd Bowley and the International Development Finance Corporation (DFC), would control the majority of the board of directors of the future company.
After being included in the sanctions lists of the UK and the US, Lukoil announced its intention to sell its international assets. In January, Lukoil announced that it had reached an agreement with the US Carlyle to sell Lukoil International GmbH, which owns its international assets. The deal does not include projects in Kazakhstan and is subject to a number of conditions, including approval from U.S. authorities. At the time, the company stressed that the agreement was not exclusive and that Lukoil was continuing negotiations with other potential buyers. The agreement with Carlyle expired at the end of July.