Gunvor Says Lukoil Asset Sale Will Be Final as Trader Seeks U.S. License Extension

The outcome hinges on U.S. authorization expiring Nov. 21, which Gunvor is seeking to extend by six months.

Overview

Gunvor’s CEO said the proposed purchase of Lukoil International GmbH would be a clean transfer with no option for a buyback even if sanctions are lifted.
Lukoil has accepted key terms and granted exclusivity to Gunvor’s offer for its foreign assets unit.
Torbjörn Törnqvist said some assets could be reassigned to other owners, while many fit Gunvor’s trading and refining portfolio.
The deal requires regulatory clearance, and Gunvor warned that failure to complete it could threaten jobs and disrupt fuel supplies.
Recent U.S. and U.K. sanctions target Lukoil and affiliates, with carve-outs for CPC and Tengizchevroil and, in the U.K., Karachaganak and Shah Deniz, while the EU also sanctioned Litasco Middle East DMCC.