Todd Boehly leads consortium bid for Lukoil international assets

American billionaire Todd Boehly is preparing a bid for the international assets of the Russian oil giant Lukoil, valued at approximately $20 billion. According to reports from the Financial Times, Boehly is forming a consortium that includes investors from the United Arab Emirates and Qatar, such as Allied Investment Partners and the Al Hayat family.

The proposal reportedly has the support of the U.S. government through the International Development Finance Corporation (DFC), which may acquire a roughly 15% stake in the new entity. This involvement places the final decision regarding the transaction under the jurisdiction of the Washington administration.

The targeted assets comprise Lukoil’s global business, including oil and gas projects in Central Asia, Iraq, and Mexico, as well as thousands of gas stations and significant refining capacities. Key European assets include refineries in Bulgaria and Romania, and a 45% stake in the Zeeland refinery in the Netherlands. This move follows U.S. sanctions on Lukoil and represents a potential challenge to a previous deal involving the investment firm Carlyle, which has remained blocked in Washington.