Lukoil sells international assets to the trader Gunvor due to sanctions

Lukoil, the Russian oil group, has announced that it has accepted the offer from trader Gunvor for the acquisition of Lukoil International GmbH, a subsidiary that holds the company's international assets. This decision comes in response to the recent sanctions imposed by the USA and the UK, targeting Russian oil companies, including Lukoil. The transaction is subject to obtaining OFAC permission and other necessary authorizations.

The sale is considered a significant action in the context of the sanctions following the invasion of Ukraine. Lukoil has diversified international operations, but international assets represent about a quarter of its capitalization. The company also owns an extensive network of gas stations and refineries worldwide, including in Romania, where it owns the Petrotel refinery.