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Geneva-based commodities trader Gunvor has withdrawn its bid to acquire the international operations of Lukoil, Russia’s second-largest oil company, in response to US opposition to the deal.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
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
