Lukoil accepts Gunvor offer to sell foreign assets amid US sanctions
Russian oil giant Lukoil has accepted an offer from global commodity trader Gunvor to acquire its foreign assets, following recent U.S. sanctions targeting the company.
The deal involves Lukoil International GmbH, which manages the company’s overseas holdings, including Iraq’s West Qurna 2 oil field, Bulgaria’s Lukoil Neftohim Burgas refinery, and refineries and fuel assets in Romania, Europe, Africa, and Central Asia. Lukoil has agreed not to negotiate with other buyers, with the transaction subject to U.S. Treasury approval, News.Az reports, citing Reuters.
Gunvor, which profited from the post-2022 surge in oil and gas prices, is using those funds to expand its portfolio of refineries, oil fields, and energy assets. This marks one of the most significant Russian corporate responses to Western sanctions over the Ukraine war.
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