Overview
- Gunvor Group said it withdrew its proposal to acquire Lukoil International GmbH and criticized the U.S. Treasury’s stance as fundamentally misinformed and wrong.
- The U.S. Treasury publicly opposed the proposed sale and warned that Gunvor would not receive a license while Russia’s war in Ukraine continues.
- The withdrawal follows U.S. sanctions announced on October 22 against Lukoil, Rosneft, and multiple subsidiaries involved in exploration, production, and logistics.
- Lukoil had accepted Gunvor’s offer on October 30 after opening a process to solicit buyers for its international assets following the sanctions.
- In a related development, Moldova’s energy minister said Lukoil will be unable to operate in the country from November 21, proposed a state buyout of an airport storage facility, and sought a temporary U.S. waiver to safeguard fuel supplies while coordinating with Romania and Bulgaria.