The multinational energy company Gunvor Group has withdrawn an offer to acquire foreign assets of the sanctioned Russian oil company LUKOIL after a statement from the US Treasury Department regarding the categorical refusal to issue a license for the transaction. This is reported by foreign media with reference to the press service of Gunvor.
Gunvor denied a statement by the U.S. Treasury Department about the company's ties to Russian officials, but withdrew the application. Gunvor has been negotiating with the U.S. Office of Foreign Assets Control (OFAC) and other sanctions enforcement agencies for a week, trying to convince the U.S. authorities of the feasibility of a deal that could turn Gunvor into the largest integrated oil production and refining company.
It follows from the message of the US Treasury Department that the deal was blocked for political reasons. The sanctions will come into force on November 21, 2025.
Gunvor Group submitted an application for the acquisition of LUKOIL assets at the end of October, after the two largest Russian energy companies LUKOIL and Rosneft were added to the US sanctions lists. At the same time, LUKOIL confirmed its intention to sell foreign assets to Gunvor, including LUKOIL International GmbH (a subsidiary of LUKOIL that owns the company's foreign assets).
As a result of the US sanctions, LUKOIL's assets in Romania, Bulgaria and 45% in refineries in the Netherlands, as well as shares in the West Qurna 2 (75%) and Eridu (60%) fields in Iraq, smaller shares in projects in Mexico, Africa, Turkey, Austria, Finland, the CIS, a network of 2,400 gas stations and the Litasco oil trader. The company may lose about 10% of its business due to rising costs and discounts. According to experts, assets with a total value of $10 billion can be sold for $3 billion.
After canceling the deal with LUKOIL, Gunvor received a multi-currency revolving loan in the amount of $2.4 billion in favor of Gunvor International B. V. and Gunvor SA, provided by the American divisions of international banks for general corporate purposes, including refinancing current loans.
Earlier, the Bulgarian parliament passed a law granting the government control over the Neftochim refinery in Burgas, in response to US sanctions, in order to prevent disruptions in the production activities of the plant, which plays a key role in the Bulgarian economy. The new law provides for the introduction of external management, a temporary ban on the export of petroleum products and supplies destined for other EU member states.
Gunvor Group is a multinational energy company and one of the largest independent commodity trading houses. Gunvor develops logistics solutions in the oil and petroleum products, gas, coal, biofuels and greenhouse gas emissions trading sectors. The company invests in refineries, pipelines, storage facilities and terminals. The company was founded by Russian billionaire Gennady Timchenko and Swedish partner Thorbjorn Tornqvist (43.6% of shares each). In 2014, Timchenko sold his stake to T. Tornqvist, who holds more than 85% of the shares (the rest belong to the company's employees). The headquarters is located in Geneva (Switzerland).
LUKOIL is a Russian multinational energy corporation with headquarters in Moscow. The company specializes in the extraction, production, transportation and sale of oil, natural gas, petroleum products and electricity.
