Overview
- Lukoil said it accepted Gunvor’s offer to acquire Lukoil International GmbH, which holds the company’s foreign assets.
- The company stated it will not negotiate with other potential bidders and said key terms have been agreed.
- Completion of the deal requires permission from the U.S. Treasury’s Office of Foreign Assets Control and approvals in other relevant jurisdictions.
- OFAC issued a wind-down license that allows limited transactions with Lukoil and Rosneft until November 21, and the parties said they may seek an extension to maintain operations and banking services until closing.
- Lukoil’s overseas portfolio includes Iraq’s West Qurna 2 oil field and refineries in Bulgaria and Romania, and analysts quoted by Izvestia suggest the sale could come at a steep discount.