People walk past the Lukoil booth at ADIPEC 2025
Lukoil loses its growth prospects
The Russian firm made a significant attempt to expand overseas over the past two decades but is now trying to divest its global operations
Geneva-based commodities trader Gunvor has withdrawn its bid to acquire the international operations of Lukoil, Russia’s second-largest oil company, in response to US opposition to the deal. Lukoil revealed on 30 October that it had received and accepted the offer from Gunvor to buy its Austrian-based subsidiary Lukoil International. The move followed fresh restrictions on Lukoil and its affiliates imposed by the US on 22 October and the UK on 15 October. The company said the divestment stemmed from “restrictive measures” enacted by several states and that it had agreed to proceed with Gunvor’s bid, committing not to engage in parallel talks with other buyers. Lukoil said key terms had been
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