- Lukoil to sell all international assets to Gunvor amid U.S. sanctions
- Sale includes key oil stakes across Africa; awaits regulatory approvals
- Sanctions freeze assets, cut financing; U.S. wind-down license valid until Nov 2025
Russian oil producer Lukoil said on Thursday it has accepted an offer from Swiss commodities trader Gunvor Group to purchase all of its international assets, including concessions and stakes in several projects across Africa.
“PJSC “LUKOIL” informs that it received an offer from Gunvor Group Ltd. to purchase LUKOIL International GmbH […] which owns international assets of LUKOIL Group. The key terms of the transaction have been earlier agreed by the parties. On its side, PJSC “LUKOIL” accepted the offer, having undertaken not to negotiate with other potential buyers, ” the company said in a statement.
Lukoil said the sale was prompted by restrictive measures imposed by certain governments against the company and its subsidiaries, referring to U.S. sanctions announced last week targeting Russia’s key oil and gas producers.
The sanctions, aimed at reducing Russia’s energy revenues and pressuring Moscow to negotiate a ceasefire in Ukraine, include a freeze on all Lukoil and Rosneft assets in the United States and a ban on U.S. companies from conducting business with them. Together, the two firms account for about 55% of Russia’s oil output. The measures effectively cut off Lukoil’s access to financing, technical services and technologies needed for oil production.
Lukoil said the completion of the binding sale agreement with Gunvor remains subject to several suspensive conditions, including approval from the U.S. Office of Foreign Assets Control (OFAC) and the acquisition of necessary licenses and permits in other jurisdictions.
The U.S. Treasury Department has granted a temporary license allowing companies to wind down transactions with Lukoil and Rosneft until Nov. 21, 2025, after which firms risk secondary sanctions that could block their access to U.S. banks, traders, shippers, and insurers.
“If necessary, the parties plan to apply for extension of the existing OFAC license and any additional licenses to ensure uninterrupted operations of international assets and their banking servicing for the period until the completion of the transaction,” Lukoil said.
The company announced on Oct. 27 that it had launched the process to sell all assets held outside Russia. Its international portfolio covers projects in Africa, the Middle East, Europe, Central Asia, and Latin America, representing 15% to 20% of total group production in 2024, according to company figures.
In Africa, Lukoil holds a 20% stake in Nigeria’s OPL 245 block alongside Italy’s Eni and state-owned NNPC, a 38% interest in Ghana’s Deepwater Cape Three Points block operated by Aker Energy, and a 25% stake in the Marine XII block in Congo-Brazzaville. It also owns several concessions in Egypt’s Eastern Desert and Gulf of Suez regions.
Walid Kéfi