Russian oil giant to sell its foreign assets to global energy trader
(MENAFN) Russian oil giant Lukoil has announced plans to sell its international assets to global energy trader Gunvor Group, following the imposition of Western sanctions.
Last week, both Lukoil and Rosneft were targeted by US sanctions under President Donald Trump, who cited Moscow’s insufficient commitment to the Ukraine peace process. Similar restrictions had already been applied by the UK. Russia maintains that it is willing to negotiate but insists on a comprehensive resolution addressing the underlying causes of the conflict.
Lukoil confirmed that it had received and accepted a proposal from Gunvor Group to purchase Lukoil International GmbH, the subsidiary that holds all of the company’s overseas operations. “The key terms of the transaction have been earlier agreed by the parties,” the company stated. The deal still requires approval from the US government, and its financial details have not been disclosed.
The company explained that the divestment of foreign assets is necessary “due to restrictive measures of some states introduced against the company and its subsidiaries.” Under a US Treasury license, both Lukoil and Rosneft have until November 21 to complete ongoing operations, though Lukoil and Gunvor may request an extension to “ensure uninterrupted operations of international assets and their banking servicing for the period until the completion of the transaction.”
Privately owned, Lukoil is Russia’s second-largest oil producer, contributing roughly 2% of global output. The company employs more than 100,000 people worldwide, with projects spanning the Balkans, Middle East, Africa, Central Asia, parts of the EU, and the US. By the end of 2024, it operated approximately 2,500 fuel stations across 20 countries and exported 730,000 barrels of crude and 300,000 barrels of petroleum products per day, reporting a net profit of $10 billion for the year.
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