Russian oil giant LUKOIL accepted an offer from Gunvor Group to purchase LUKOIL International GmbH, a wholly-owned subsidiary that holds the company's international assets, the company said on Thursday.
Two parties have already agreed on the main terms of the deal, according to the press release. LUKOIL has accepted the offer and committed not to negotiate with other potential buyers.
The completion of the transaction is subject to regulatory approvals, including permission from the US Office of Foreign Assets Control (OFAC) and any other required licenses or authorizations in relevant jurisdictions.
If needed, the parties plan to extend existing OFAC and other licenses to ensure uninterrupted operations and banking services of the international assets until the deal is finalized.
LUKOIL said the sale is prompted by restrictive measures imposed by some countries on the company and its subsidiaries.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr
