Lukoil announced on 30 October that it has agreed to sell international assets to trading firm Gunvor. The announcement came barely a week after the US slapped sanctions on Lukoil and fellow Russian firm, Rosneft.
In a press release, Lukoil said it had received an offer from Swiss trading firm Gunvor to purchase its 100%-owned subsidiary “Lukoil International GmbH,” and that it has accepted the offer, “having undertaken not to negotiate with other potential buyers.” The speed of the transaction, and decision not to seek alternative options is unusual. The transaction is subject to obtaining permission from the US Treasury’s Office of Foreign Assets Contral (Ofac), says Lukoil. (CONTINUED - 494 WORDS)