Russia’s oil major Lukoil has agreed to sell its international subsidiary to Gunvor, a global energy trading company, as it comes under increasing pressure from US sanctions.
In a statement issued on October 30, Lukoil said it had accepted Gunvor’s offer to purchase Lukoil International GmbH, which manages the company’s foreign assets.
Earlier this week, Lukoil announced plans to divest its overseas operations after the United States imposed fresh sanctions linked to the conflict in Ukraine. The planned sale marks one of the most significant corporate responses yet by a Russian firm since the start of the Ukraine war in February 2022.
«The key terms of the transaction were previously agreed upon by both parties,» Lukoil said. «Lukoil has accepted the offer and will not hold negotiations with other potential buyers.»
Gunvor, which has confirmed ongoing talks with Lukoil regarding the potential acquisition, is among the largest energy traders globally. The company was co-founded by Russian billionaire Gennady Timchenko (ranked No. 6 on Forbes with a fortune of $23.2 bn). In March 2014 Timchenko sold his 44% stake in Gunvor to his business partner Torbjörn Törnqvist.
