Lukoil Negotiates Asset Sales Amid Sanctions: Deal with Gunvor Falls Through

Lukoil, Russia's second-largest oil producer, is in talks to sell its foreign assets following US and UK sanctions. A previous sale to Gunvor collapsed. The company is working to ensure no disruptions in operations or energy supply, while also securing jobs.

Russia's second-largest oil company, Lukoil, is currently negotiating the sale of its overseas assets after deals with UK and US sanctions. This comes following the collapse of a potential agreement with trading powerhouse Gunvor.

Lukoil announced that it will disclose the specifics of the sale once agreements are finalized and necessary regulatory approvals are met. The firm is keen on maintaining smooth operations and avoiding supply disruptions during the transition.

New sanctions from the US Treasury's Office of Foreign Assets Control target Lukoil and other major Russian producers, with a deadline set for November 21 for transactions, including acquisitions of Lukoil's international assets. Earlier plans to sell to Gunvor were thwarted after opposition from Washington.

(With inputs from agencies.)