iMetal

Russian oil producer Lukoil PJSC has agreed to sell its international assets to energy trader Gunvor Group, a week after being hit by US sanctions.
The country’s No. 2 oil producer said it had accepted an offer from Gunvor and made a commitment not to negotiate with other potential buyers. If successful, the deal would involve the transfer of a sprawling global network of oil fields, refineries and gas stations to one of the world’s top independent commodity traders. 
The US last week blacklisted oil giants Rosneft PJSC and Lukoil as part of a fresh bid to end the war in Ukraine by depriving Moscow of revenues. It was the first major package of sanctions on Russia’s petroleum industry since US President Donald Trump took office, and has left governments and business partners clambering to understand the impact.
The offer — for which no value was disclosed — includes Lukoil International’s trading arm Litasco, but not the business units in Dubai which have recently become subject to sanctions, said a person familiar with the matter.
Gunvor itself has had a long history with Russia. Its co-founder Gennady Timchenko was placed under US sanctions in the wake of the Kremlin’s annexation of Crimea in 2014, with the US government claiming at the time that Russian President Vladimir Putin had “investments in Gunvor,” which the company has consistently denied. 
Since Timchenko sold his shares, it’s now majority-owned by co-founder and chief executive officer Torbjorn Tornqvist.