Gunvor Group Set to Acquire Lukoil’s Foreign Assets

A buyer has been found for the foreign assets of Russia’s oil and gas giant Lukoil, Orda.kz reports. The international energy trading company Gunvor Group Ltd, which maintains an office in Almaty, is set to acquire them.

According to a statement from Lukoil, Gunvor Group has offered to purchase LUKOIL International GmbH, a wholly owned subsidiary that consolidates the corporation’s global assets. The Russian company has accepted the offer, and both sides have reached preliminary agreements, confirming that no other buyers will be considered.

Gunvor will now need to secure approval from the U.S. Treasury’s Office of Foreign Assets Control (OFAC), as well as additional licenses from regulators in other jurisdictions.

The sale of LUKOIL International GmbH is related to the introduction of restrictive measures by certain states against PJSC LUKOIL and its subsidiaries,
 Lukoil said in an official statement.

Financial analyst Arman Batayev, writing on his Telegram channel Finmentor.kz, noted that Gunvor Group is one of the world’s leading energy traders, operating a vast logistics network and holding refining assets worldwide.

The company was founded in 2000 in Geneva and occupies a leading position in the market along with Vitol, Trafigura, and Glencore,
 Batayev explained.

Gunvor, currently registered in Cyprus, follows a “moving energy” strategy, focusing on investments in terminals, storage facilities, and pipelines. In Kazakhstan, the company operates through its subsidiary Gunvor KZ LLP and has a strong presence in oil trading, including purchases of CPC Blend crude this year.

The company is also said to have been founded by Putin's ally, Gennady Timchenko, and Swedish billionaire Torbjörn Törnqvist. Timchenko sold his stake after the 2014 Crimea sanctions.

If Lukoil’s Kazakh assets are included in the transaction, their transition to a major international trader like Gunvor would be a logical development. The group is also active in coal and metals trading and holds a stake in the Russian port of Ust-Luga, a key route for Kazakhstan's oil exports.

Lukoil previously announced plans to sell its foreign assets amid pressure from U.S. and U.K. sanctions. Although London’s sanctions excluded Lukoil’s projects in Kazakhstan, American restrictions still partially apply to them.

Original Author: Nikita Drobny