One of Russia’s two biggest oil producers Lukoil has received an offer from Swiss-based commodity trading giant Gunvor for all of its international assets.
The Russian firm said on Monday that due to “restrictive measures against the company and its subsidiaries by some states” it plans to sell its international assets owned by subsidiary Lukoil International GmbH. It added that the consideration of bids from potential purchasers has started.
On Thursday, Lukoil announced that it received an offer from Gunvor to purchase Lukoil International. The company revealed that the key terms of the transaction had been previously agreed upon by the parties.
Lukoil has already accepted the offer after deciding not to negotiate with other potential buyers.
The conclusion of the binding agreement for the transaction is subject to certain conditions, including obtaining OFAC permission by Gunvor as well as any other applicable licenses, permits and other authorisations in other applicable jurisdictions.
If necessary, the parties plan to apply for extension of the existing OFAC license and any additional licenses to ensure uninterrupted operations of international assets and their banking servicing for the period until the completion of the transaction.
Last week, US president Donald Trump imposed sweeping new sanctions on Russia’s two biggest oil producers, Rosneft and Lukoil, in what he described as “tremendous sanctions” aimed at forcing Moscow to the negotiating table over its war in Ukraine.
