The terms of the deal to sell LUKOIL's foreign assets to Gunvor have not been disclosed, but the scale and timing of its announcement are impressive.

The terms of the deal announced today to sell LUKOIL's foreign assets to Gunvor were not disclosed. But the anticipated scale and timing of the announcement are impressive.

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).

Gunvor has always been considered a major trader in Russian oil and was close to the largest Russian oil and gas companies, including state-owned ones.

Gunvor was founded in 1997 by Torbjörn Törnqvist and Gennady Timchenko. Timchenko sold his stake to Törnqvist back in 2014 due to sanctions risks. The company now markets itself not only as an oil trader but also as a diversified holding company, owning oil terminals, pipelines, shipping, oil refining, and coal assets.