LONDON (IT BOLTWISE) – The US Treasury Department has rejected an offer from Xtellus Partners for the foreign assets of Russian oil major Lukoil. Despite the sanctions against Lukoil and Rosneft, competition for the coveted assets remains intense. Several major companies, including Exxon Mobil and Chevron, remain in the running.
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The US Treasury Department has rejected an offer from Xtellus Partners, a US bank, for the foreign assets of Russian oil company Lukoil. That decision was confirmed to Reuters by four people familiar with the matter. Xtellus had found itself in tough competition from major US oil companies such as Exxon Mobil and Chevron, as well as international interests such as Abu Dhabi International Holding Company and Hungary’s MOL.
Lukoil’s assets, which were put up for sale after US sanctions were imposed on the company and its rival Rosneft in October, include oil and gas projects, refineries and over 2,000 gas stations worldwide. The value of these assets is estimated at approximately $22 billion. Xtellus had proposed swapping Lukoil securities held by US investors for Lukoil’s global assets in a cashless transaction.
Although Lukoil preferred Xtellus’ offer, implementation proved complex. Xtellus advised the bidding partners, the American billionaire Todd Boehly and the Emirati investor group Allied Investment Partners. An insider reported that Lukoil and the Xtellus-led group had already signed a share purchase agreement. However, the US Treasury Department opposed the use of sanctioned securities in the transaction, which led to the rejection of the offer.
Now the Xtellus Group plans to escalate its offer to a higher decision-making level to reverse the rejection. The group will also apply for a license to access these securities. US investment funds hold large stakes in Lukoil shares, which were frozen and written off after Russia’s invasion of Ukraine in 2022, causing the funds to lose billions. The idea was to return the shares to Lukoil, sell the assets to energy companies and compensate investors.
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