Lukoil sold

Russian oil producer Lukoil PJSC, which is under U.S. sanctions, has accepted an offer from energy trader Gunvor Group to purchase its Austrian-based subsidiary, Lukoil International GmbH.Gunvor is an independent commodities trading company headquartered in Geneva (market operations) and registered in Cyprus.Lukoil had previously announced plans to sell its international operations after being targeted by U.S. sanctions last week.Gunvor submitted an offer for Lukoil International, which Lukoil accepted, committing not to negotiate with other potential buyers, according to a Lukoil statement cited by Bloomberg.The deal is subject to approval by the U.S. government.Lukoil is considered the most international of the Russian oil giants, with exploration and production operations in former Soviet countries such as Kazakhstan, Uzbekistan, and Azerbaijan, as well as in Egypt, the United Arab Emirates, and West African countries including Ghana, Nigeria, Cameroon, and Congo.The United States imposed sanctions on October 22 on more than 30 subsidiaries of Russian energy companies Rosneft and Lukoil, giving companies until November 21 to halt transactions with Russian oil producers.

Lukoil sold

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