Russian oil group Lukoil has accepted a firm offer from Swiss commodity trader Gunvor for the acquisition of all its international oil assets, including major stakes across Africa. The decision comes as Lukoil seeks to limit the growing impact of US restrictions targeting Russian energy companies.
The offer concerns the purchase of Lukoil International GmbH, a wholly owned subsidiary of Lukoil that holds its non-Russian assets. The group specified that key terms of the deal have been agreed upon and that it is now committed to refraining from talks with other potential buyers. The transaction remains subject to regulatory approvals, including a licence from the US Office of Foreign Assets Control (OFAC).
Sanctions and international withdrawal
Lukoil has cited the “restrictive measures” recently tightened by the United States, which aim to curtail Russia’s energy revenues. US sanctions imposed on Lukoil and Rosneft include freezing their assets in the United States and banning US companies from cooperating with them. These measures complicate the group’s access to international financing, technical services and operational technologies, directly affecting its overseas business.
The US Treasury Department has granted companies until 21 November 2025 to cease all transactions with the two Russian entities. Failure to comply may result in “secondary sanctions”, including exclusion from the US financial system. Lukoil stated that it is prepared to request an extension of the existing OFAC licence to ensure the continuity of operations until the deal closes.
Strategic African portfolio
The African assets concerned include stakes in several strategic oil blocks. In Nigeria, Lukoil holds 20% of block OPL 245, in partnership with ENI and the Nigerian National Petroleum Corporation (NNPC). In Ghana, the Russian company owns 38% of the Deepwater Cape Three Points block, operated by Aker Energy. In the Republic of Congo, it holds 25% of block Marine XII, while in Egypt, its interests include multiple concessions in the Eastern Desert and Gulf of Suez.
Significant reduction in non-Russian operations
Lukoil had initiated a global divestment process on 27 October covering its international operations, which accounted for between 15% and 20% of its total production in 2024. The portfolio spans Africa, the Middle East, Europe, Central Asia and Latin America. The sale to Gunvor will mark a key step in this withdrawal, while offering the Swiss trader expanded exposure to oil assets in high-potential regions.
