Russia’s Lukoil accepts Gunvor offer to buy international assets

MOSCOW, October 31, 2025 – Lukoil has accepted an offer from Switzerland’s Gunvor Group to buy its international assets through the acquisition of Lukoil International, the Russian oil company said on Thursday.

The parties have agreed on key terms and Lukoil has committed not to negotiate with other potential buyers. Gunvor must obtain OFAC permission and other required licences in relevant jurisdictions to conclude the deal.

The transaction is proceeding under an OFAC wind-down licence and may be extended to maintain operations and banking services until completion. The sale is driven by international sanctions imposed on Lukoil and its subsidiaries.

Details on Lukoil International’s current assets are not publicly avauilable, but its largest foreign asset is a 75% stake in Iraq’s West Qurna 2 giant oilfield.

Gunvor is a global commodities trader headquartered in Geneva, active in crude oil, refined products, natural gas and LNG. It operates infrastructure including shipping, terminals and refineries across Europe, Asia and the Americas.

Lukoil is one of Russia’s leading energy firms, with global upstream, downstream and petrochemicals activities. Its international division supplies crude oil to Hungary, Slovakia and Türkiye’s STAR refinery.

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