ADNOC Eyes Lukoil's International Assets as U.S. Sanctions Loom

According to Bloomberg, Based on recent reports (as of November 23, 2025), the news you're referring to appears to involve ADNOC (Abu Dhabi National Oil Company) exploring acquisitions of international assets from Russian oil giants like Lukoil and Gazprom, amid U.S. sanctions pressuring these firms to divest non-Russian holdings. This aligns with ADNOC's strategy to expand globally through its international investment arm, XRG, while capitalizing on geopolitical shifts. Below is a detailed breakdown of the key developments from the last few days.

ADNOC Eyes Lukoil's International Assets as U.S. Sanctions Loom

ADNOC is among a group of global majors - including ExxonMobil, Chevron, and private equity firm Carlyle Group - exploring bids for Lukoil's international assets, valued at around €14 billion ($15 billion). The sale is accelerating due to U.S. sanctions set to take effect on December 13, 2025, targeting Russian energy firms to curb war funding in Ukraine.

Lukoil, Russia's second-largest oil producer, prefers selling its non-Russian portfolio (spanning Europe, Asia, and Africa) as a single package but may opt for a two-step process: an initial buyer (e.g., a financial firm) acquires everything, then resells piecemeal. ADNOC's interest focuses on Lukoil's natural gas operations in Uzbekistan, aligning with its push into LNG and midstream assets.

Spokespeople for ADNOC's XRG unit and others declined comment, but sources indicate competitive bidding. This could mark ADNOC's biggest overseas grab since launching XRG in November 2024, aiming to triple its international portfolio to $100 billion by 2030.

The move underscores how sanctions are reshaping global energy flows, with Gulf firms like ADNOC filling voids left by Russian divestments. Analysts warn of regulatory hurdles, but success could boost ADNOC's output by 100,000+ barrels per day.

Lukoil's shares dipped 0.5% on the news, while ADNOC's remained stable.

ADNOC Nears Deal to Acquire Russian Stake in Serbia's NIS Oil & Gas Company

(Source: SeeNews / Wall Street Journal)

ADNOC is close to finalizing a deal to buy a 56.15% stake in Serbia's Naftna Industrija Srbije (NIS), held by Russia's Gazprom Neft (a Gazprom subsidiary) and other sanctioned entities, according to reports from November 20-21, 2025. The stake, valued at around €600 million ($650 million), would give ADNOC majority control of NIS, a key player in Serbia's refining and exploration.

The transaction is driven by Serbia's push to reduce Russian influence amid EU alignment pressures and U.S. sanctions on Gazprom. NIS operates refineries, gas stations, and upstream assets across the Balkans, producing 5 million tons of oil annually.

This would be ADNOC's second major Balkan entry after a 2018 stake in Croatia's INA; it fits XRG's focus on undervalued European assets post-sanctions. Serbia's government supports the sale to a "strategic investor" like ADNOC for energy security.

No official confirmation yet, but Belgrade sources say a deal could close by year-end, pending U.S. Treasury approval. If successful, it could add 50,000 barrels per day to ADNOC's portfolio.

NIS shares rose 2% on speculation, boosting its market cap to €1.2 billion.

Broader Context and Implications

These moves are part of ADNOC's aggressive international expansion, with XRG (launched in 2024) already holding stakes in Fertiglobe and Borouge. In September 2025, ADNOC transferred listed subsidiary shares to XRG to fuel $50 billion in deals by 2030, targeting gas, chemicals, and renewables.

For Russian firms, sanctions (expanded in October 2025 under the Trump administration) are forcing fire sales: Lukoil risks losing €14 billion in assets, while Gazprom seeks quick exits from Europe to fund domestic needs. This creates bargains for Gulf players, but risks include U.S. vetoes and geopolitical backlash.