Petro Oil & Gas Traders has announced its participation in the competition to acquire a stake in the Russian company Lukoil.
In press statements, the company’s CEO, Dr. Sami Al-Hilali, revealed that Petro Oil & Gas Traders is seeking to acquire a stake in the Russian company’s operations in Iraq. He indicated that there are preliminary offers and agreements, but no final agreements have been reached yet.
He noted that a large number of companies have submitted offers, but the matter hinges on approval from the US Treasury, as each company must obtain this approval first before acquiring a stake in the company.
Dr. Al-Hilali unveiled an ambitious strategy extending until 2030, which includes listing the company’s shares on a major Arab stock exchange alongside the London Stock Exchange. He refrained from disclosing the specific target market at this time.
He pointed out that the company is in advanced stages of selecting one of the major specialized international consulting firms to accompany it in the necessary legal and financial preparation for the listing process.
Al-Hilali added that the company owns a large, wholly-owned investment fund, headquartered in Abu Dhabi, UAE, which plays a pivotal role in supporting the company’s regional and international investment expansion.
Petro Oil & Gas Traders is currently implementing a portfolio of major projects in several countries, including Egypt, Djibouti, Iraq, Kazakhstan, Turkey, and Saudi Arabia, as part of its strategic plan for growth and expanding its operations externally.
The CEO confirmed that the company is preparing to organize a major official event soon to launch its current projects and outline its future trajectories.
He noted that Petro Oil & Gas Traders, despite being relatively newly established, is experiencing rapid growth and has managed to attract high-level specialized cadres with extensive experience gained from working in major global companies in the oil and gas sector.
Background on the Lukoil Deal:
The Russian oil company Lukoil had previously announced the signing of a preliminary agreement with the American investment company “Carlyle” to sell its foreign assets, excluding activities in the Republic of Kazakhstan.
The company stated in an official release that it had reached an agreement with Carlyle to sell a 100% stake in its subsidiary “Lukoil International,” which owns and operates the Lukoil Group’s foreign assets.
The statement confirmed that “assets in Kazakhstan are not part of this deal, will remain fully owned by the Lukoil Group, and will continue to operate under the current license.”
Lukoil emphasized the non-exclusive nature of the agreement and that its completion is subject to several factors, most importantly obtaining necessary regulatory approvals, including a specific license from the US Treasury Department’s Office of Foreign Assets Control (OFAC).
The Russian company also mentioned that it continues negotiations with other potential buyers, leaving the door open for alternative offers.
This move came after the United States imposed sanctions on Lukoil last October, prompting the company to sell its foreign operations.
