Gunvor will not return the foreign assets it bought back to LUKOIL, even if sanctions are lifted.

Gunvor will not return the foreign assets it acquired to LUKOIL, even if the sanctions are lifted. This deal represents a complete break with LUKOIL, Gunvor's CEO said.

Gunvor Group CEO Torbjörn Törnqvist told Bloomberg TV that the deal to acquire the international portfolio of Russian oil giant LUKOIL is being carried out without the participation of Russian authorities, is of no interest to Russia, and does not bring benefits to the Russian government.

Once it is completed, the assets will be transferred to Gunvor without the possibility of repurchase by LUKOIL, even if the situation normalizes and sanctions are lifted.

"It's a complete breakdown. Once the deal is done, that's it," he noted.

This is why this deal satisfies the US authorities.

"We will conduct a fully transparent dialogue with the US authorities and other relevant bodies on this matter. We believe this deal satisfies everyone," Gunvor's CEO noted.

T. Tornqvist did not comment on the purchase price or the terms of the agreement.

The head of Gunvor emphasized that some of LUKOIL's assets are of particular interest to the trader, and some may be sold in the future.

"They have a lot of assets, and many of them are closely related to trade, such as oil refining, for example. We're confident that's ours. Some of them will do well in our portfolio, while others won't, that's obvious. There are assets that we believe are better off in other hands," he noted.

"It's too early to discuss this. But we obviously wouldn't have done this if we weren't confident we could handle this deal in all respects," Gunvor's CEO emphasized.

US sanctions against LUKOIL and Rosneft were imposed on October 22, 2025. The company announced it was considering selling its foreign assets on October 27. On October 30, it announced an agreement with Gunvor. LUKOIL is not considering other partners or potential buyers.

By the beginning of this year, LUKOIL owned the following abroad:

•Networks of filling stations in 20 countries with a total of 2,456 units, including Europe and the USA.

•Two refineries in Eastern Europe: Petrotel Lukoil in Romania and Lukoil Neftokhim Burgas in Bulgaria, which the company owns through its trading subsidiary Litasco

•45% stake in the Zeeland refinery in the Netherlands.

•In Iraq, the project for the development of the West Qurna-2 and Eridu fields

•In the UAE, a 10% stake in the Ghasha oil and gas project

•In Mexico, blocks 10, 12, 28 and Amatitlan, which are being developed in partnership with Eni, as well as block 4 in partnership with Mexico’s PetroBal.

•In Ghana, the Deepwater Tano Cape Three Points exploration block

•In Egypt, the WEEM Extension, West Esh El-Mallaha and Meleya exploration and production blocks

•In Cameroon, the Etinde block,

•In the Republic of Congo, the Marine XII project

•In Nigeria, the OML-140 block.

•In Uzbekistan, the Kanlym - Khauzak-Shady and Gissar projects

LUKOIL's international projects in Kazakhstan and Azerbaijan have been exempted from sanctions, so it is not yet known whether they will be included in the Gunvor deal. Specifically, LUKOIL is involved in the development of the Shah Deniz fields in Azerbaijan (with a 19.99% stake), Karachaganak and Tengiz in Kazakhstan (13.5% and 5%), and Uzbekistan. The company is also one of the largest shareholders in the Caspian Pipeline Consortium (CPC).