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Russia's Lukoil accepts Gunvor offer to buy its foreign assets
M & A Critique
|November 2025
Lukoil said it had accepted an offer from global commodity trader Gunvor to buy its foreign assets, which Russia's second-largest oil company is seeking to sell after Washington imposed sanctions on it last week.
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The planned asset sale is the most consequential action so far by a Russian company resulting from Western sanctions imposed over the war in Ukraine, which began with Russia's 2022 full-scale invasion of its neighbour.
Lukoil said in a statement it had accepted an offer from Gunvor to sell Lukoil International GmbH, which controls the oil major's foreign assets.
"The key terms of the transaction have been earlier agreed by the parties. On its side, (Lukoil) accepted the offer, having undertaken not to negotiate with other potential buyers," Lukoil said of Gunvor's offer.
Gunvor confirmed it was in talks with Lukoil over the possible acquisition of its foreign assets.
GUNVOR USES POST-2022 PROFITS TO FUND ACQUISITIONS
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