Cyprus-based Gunvor Group to buy Lukoil’s overseas subsidiaries, including Serbian one

Lukoil has informed the public that it received an offer from Cyprus-based Gunvor Group Ltd. to purchase Lukoil International GmbH, which is a 100% subsidiary of the Russian giant which owns international assets of Lukoil Group. Lukoil Srbija is also within this company.

According to the press release, the key terms of the transaction have been earlier agreed by the parties, and on its side, Lukoil accepted the offer, having undertaken not to negotiate with other potential buyers.

It is added that 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.

– 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 – the press release says.

The company says that the sale of Lukoil International GmbH is due to restrictive measures of some states introduced against the company and its subsidiaries.

Gunvor Group Ltd. is an independent global trader, focusing on energy products, including oil, LNG and refined products, as well as logistics, warehouses, terminals and ships.

The company is registered in Cyprus, and has its main offices in Geneva, Singapore and Houston.

The majority owner is Swedish millionaire Torbjorn Tornqvist, who owns about 84.8% of the shares, after his previous partner, Russian businessman Gennady Timchenko, sold his stake.

Lukoil Srbija a.d. Beograd

Lukoil International GmbH

Lukoil Srbija

Gunvor Group

OFAC

Torbjorn Tornqvist

Gennady Timchenko

sale of Lukoil