After US pressure

Commodity trader Gunvor pulls out of acquisition of Lukoil

De eerder aangekondigde deal tussen Lukoil en Gunvor is van de baan. Foto: Shutterstock

Swiss commodities trader Gunvor has withdrawn its proposal to take over the foreign operations of Russian oil group Lukoil. With this, the previously announced deal will not go ahead. This was reported by Reuters news agency.

Lukoil had accepted an offer from Gunvor to sell its foreign assets following US sanctions in October against the company, Russia’s second-largest oil producer. However, Gunvor is now pulling out, after the US Treasury described it as a “puppet of Russia” and made it clear that Washington opposed the transaction. This brings to an end what could have been the largest acquisition in the Swiss company’s history.

Sanctions

Lukoil has been trying to sell its international business since US President Donald Trump introduced new sanctions last month. The measures pose risks to parties doing business with Lukoil or its subsidiaries and are designed to weaken Russia’s war chest.

The effects of the sanctions are already visible in Finland, where some Lukoil petrol stations are struggling with empty stocks. In the Netherlands, where the group operates about 70 petrol stations, this is not yet the case, the Dutch branch said in a statement, according to ANP.

The Dutch branch of Lukoil said in a statement at the moment that it is again in “advanced talks” with other potential buyers and aims to conclude a new sales agreement as soon as possible.

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This article was automatically translated from the Dutch language original to English (British).

Author: Nina Koelewijn

Source: MobilityEnergy.com

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