World News
Lukoil to Sell Overseas Assets to Trading Firm Gunvor
Russian privately owned oil company Lukoil has received an offer from Geneva-based energy trader Gunvor Group to buy its international operations.
Lukoil has accepted Gunvor's offer to acquire Lukoil International GmbH, which owns its overseas assets, it said in a statement on its website on Thursday.
The company also confirmed it will not engage with other potential buyers.
The move follows new US sanctions imposed last week on Russian oil firms Rosneft and Lukoil in response to the ongoing war in Ukraine.
Companies have been given until November 21 to wind down any existing trade with the sanctioned entities or their related affiliates.
"The conclusion of the binding agreement for the transaction is subject to conditions precedent, including obtaining OFAC permission by the Purchaser as well as any other applicable licenses, permits and other authorizations in other applicable jurisdictions, Lukoil said.
"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's international assets of interest to the bunker industry include Lukoil Bulgaria, a key supplier of marine fuel in the Black Sea.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 460.00 | 2.50 | 729.00 | 1.00 |
| Rotterdam | 436.50 | 9.00 | 705.50 | 16.50 |
| Houston | 442.00 | 0.00 | 672.50 | 1.00 |
| Fujairah | 454.00 | 0.50 | 741.50 | 6.00 |
| Global 20 Ports Average | 491.00 | 2.00 | 777.00 | 3.50 |
| Global 4 Ports Average | 448.00 | 3.00 | 712.00 | 2.50 |
| Global Average Bunker Price | 537.50 | 0.50 | 812.50 | 4.00 |
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Oct 31Lukoil said it has accepted Gunvor's offer and will not engage with other potential buyers.