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Lukoil sells foreign assets to Gunvor Group

Lukoil sells foreign assets to Gunvor Group

Russia's largest energy company, Lukoil, has agreed to sell its foreign asset manager, LUKOIL International GmbH, to the trading company Gunvor Group.

Lukoil's official statement emphasized that the company accepted Gunwor's offer and pledged not to negotiate with other buyers.

Sanctions and restrictive measures imposed by some countries on Lukoil and its enterprises are cited as the reason for the sale. The financial details of the transaction were not disclosed.

Gunvor Group was founded in 2000 by Thorborn Tornquist and Gennady Timchenko. Timchenko is mentioned in many sources as a businessman close to Vladimir Putin. For many years, the company has been one of the largest international traders exporting Russian oil abroad.

Lukoil SaleGunvor GroupRussian OilEnergy TradeInternational Sanctions
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