American billionaire Todd Boehly is preparing a bid for Lukoil’s international assets, valued at 20 billion dollars / The portfolio includes the Petrotel refinery

American billionaire Todd Boehly is preparing a bid to acquire the international operations of Russian oil company Lukoil, which is under U.S. sanctions, according to the Financial Times. The bid has the support of the U.S. government and some Gulf investors, but an agreement with Lukoil has not yet been finalized.

Boehly has been working for several months alongside International Holding Company (IHC), led by Sheikh Tahnoon bin Zayed al-Nahyan, the United Arab Emirates’ national security adviser. Allied Investment Partners, also from the UAE, is also expected to be part of the consortium.

The U.S. International Development Finance Corporation is expected to take a 10% to 20% stake in the new company and, together with Boehly, control a majority of the board of directors. The billionaire Al-Khayyat family is expected to hold a minority stake.

The bid is competing with the previously concluded agreement between Lukoil and private equity group Carlyle for the majority of its foreign assets. Carlyle received approval from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), but is awaiting final approval from the Trump administration following an interagency review.

In Southeastern Europe, Lukoil owns the Neftohim Burgas refinery in Bulgaria, the Petrotel refinery in Romania, and more than 800 service stations.

OFAC has extended the license for negotiations until October 22.