Former Pornhub owner weighs bid for Lukoil’s international assets – Reuters

Lukoil initiated the sale of its international assets following US sanctions imposed on the company in October.

Bernd Bergmair, identified as the former owner of Pornhub, is reportedly exploring an acquisition of the international assets belonging to the sanctioned Russian oil giant Lukoil, Reuters stated on Wednesday, citing multiple sources.

The US government sanctioned Lukoil in October, compelling the firm to offload its foreign assets, valued at approximately $22 billion. Lukoil had initially agreed to sell its subsidiary, which holds all these international assets, to energy trader Gunvor Group; however, that transaction collapsed after the US Treasury claimed Gunvor had connections to the Kremlin.

Reuters indicates that Bergmair has also made inquiries with the US Treasury regarding a potential purchase. Speaking through a lawyer, he chose not to confirm his specific intentions but conveyed a clear interest.

“Lukoil International GmbH would clearly represent an excellent investment, and anyone would be fortunate to possess the privilege of owning those assets,” he informed Reuters, yet he refrained from specifying which particular assets he was targeting or if he had already engaged with the company. A spokesperson for the US Treasury declined to offer a statement.

The Austrian financier was previously the discreet majority owner of MindGeek, the parent company behind the adult website Pornhub. His identity was disclosed through investigative journalism in 2021, following years of offshore financial arrangements. He divested his ownership when a Canadian private-equity group acquired the firm in 2023. Bergmair’s net worth is estimated at approximately €1.4 billion, with holdings in real estate, agricultural land, and various other private enterprises.

Last month, the US Treasury granted permission for companies interested in purchasing Lukoil’s international assets to initiate discussions. Given that the company is under US sanctions, Treasury approval is mandatory, as any transaction would otherwise be halted without its explicit license. This current clearance remains valid until December 13.

Reports in the media suggest that several potential buyers, including Exxon Mobil and Chevron, have expressed interest in these assets. Nevertheless, Lukoil has reportedly stated its preference to sell them as a consolidated package, which complicates negotiations for prospective buyers seeking only particular holdings. Lukoil had previously confirmed it was engaged in discussions with various potential acquirers.

Moscow has consistently denounced Western sanctions as politically driven and illicit, cautioning that they will ultimately prove detrimental. Kremlin spokesman Dmitry Peskov commented that the circumstances surrounding Lukoil underscore how “illegal trade restrictions” implemented by the US are “unacceptable and detrimental to international trade.”