Austrian businessman Bernd Bergmair, the former majority owner of Pornhub, has expressed interest in acquiring assets from the Russian oil major Lukoil. This move comes after the U.S. Treasury sanctioned the company during the Trump administration. Bergmair stated to Reuters, “Obviously Lukoil International GmbH would be a great investment and anybody would be fortunate to have the privilege of owning those assets.” He also noted, “I don’t comment on potential investments as a matter of course.”
The U.S. Treasury recently authorized American companies to initiate discussions regarding Lukoil’s foreign assets. Notably, major U.S. oil firms like Exxon Mobil and Chevron have shown interest in this opportunity. Exxon is currently negotiating with Iraq’s Oil Ministry to acquire Lukoil’s 75% stake in the West Qurna 2 oilfield, one of Iraq’s largest oil-producing sites.
Iraq’s oil ministry has invited various U.S. oil companies to participate in a competitive bidding process for the West Qurna 2 takeover. This oilfield currently produces over 400,000 barrels per day of crude oil. The Iraqi government has taken control of operations at West Qurna 2, directly managing staff salaries and other operational aspects.
Previously, Lukoil had reached a preliminary agreement with commodity trader Gunvor to sell its international assets. However, Gunvor withdrew its $22 billion bid after the U.S. Treasury Department expressed concerns, labeling the company a Russian “puppet.” The Treasury emphasized, “President Trump has been clear that the war must end immediately. As long as Putin continues the senseless killings, the Kremlin’s puppet, Gunvor, will never get a license to operate and profit.”
The situation remains tense, particularly as recent peace talks between Russia and Ukraine have yielded little progress. The Kremlin has not agreed to Trump’s proposed 19-point peace plan, which includes critical amendments such as no automatic veto on Ukraine joining NATO and no handover of the Donbas region to Russia. Additionally, provisions for full amnesty for war crimes have been removed from the proposal.
As the conflict continues, Ukraine has intensified its attacks on Russian energy infrastructure, including a recent strike on a shadow fleet vessel operating in African waters. This escalation reflects the ongoing volatility surrounding energy assets and geopolitical interests in the region.
The evolving landscape of U.S. interests in Russian oil assets highlights the complexities of international business and politics amid ongoing conflicts. With key players like Bergmair, Exxon Mobil, and Chevron stepping into the fray, the future of Lukoil’s assets remains uncertain as negotiations unfold.
