US approves 20 bln dollar deal to buy Lukoil's foreign assets

The Trump administration is backing a deal for Russian oil giant Lukoil’s overseas assets that is poised to deliver billions of dollars to the U.S. Treasury and bring shuttered refining capacity back online, The New York Post reported, citing a government insider.

A consortium led by investor Todd Boehly and including the U.S. International Development Finance Corporation (DFC) is seeking to purchase fields that span Asia, Europe, Africa and North America and produce more than 350,000 barrels of oil equivalent a day, as well as three refineries in Bulgaria, Romania, and the Netherlands with a combined refining capacity of 350,000 barrels a day.

Officials said the assets are valued at about $20 billion and that the agency’s stake is structured so that profits will flow to the Treasury’s coffers. Other nations are involved in the consortium, such as the UAE and Qatar.

DFC officials working on the bid with the private consortium say a signing will likely come in the next two weeks. However, given the complications of a deal involving so many stakeholders, things remain fluid.