Lukoil to Sell Overseas Assets to Gunvor

Lukoil has received an offer from the international company Gunvor to acquire its subsidiary, LUKOIL International GmbH, which owns the company’s overseas assets. The key terms of the deal have been previously agreed upon by the parties, as stated in the company’s announcement. Lukoil accepted the offer, committing to not engage in negotiations with other potential buyers. Certain conditions need to be met for the transaction to be completed, including obtaining approval from the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), as well as any additional licenses, permits, and approvals required in other countries. Both parties intend to seek an extension of the current license issued by OFAC and other necessary permissions to ensure the continuous operation of international assets and their banking services until the deal is finalized. The oil company has announced plans to sell its overseas assets after the US imposed sanctions against it and its subsidiaries. Washington imposed new sanctions against Russia on October 22, prompting the country’s president, Donald Trump, to cancel a scheduled meeting with Russian leader Vladimir Putin in Hungary.