aRussia’s LUKOIL has announced that it will sell its international assets to Swiss-based Guvnor Group.
In an announcement on Thursday, the company said:
“The conclusion of the binding agreement for the transaction is subject to conditions precedent including obtaining OFAC permission by the Purchaser as well as any other applicable licenses, permits and other authorizations in other applicable jurisdictions.
“If necessary, the parties plan to apply for extension of the existing OFAC license and any additional licenses to ensure uninterrupted operations of international assets and their banking servicing for the period until the completion of the transaction.
“The sale of LUKOIL International GmbH is due to restrictive measures of some states introduced against the Company and its subsidiaries.”
The sale follows last week’s announcement from the US Treasury Department that it will place sanctions on Lukoil and Rosneft.
Lukoil has significant interests in Iraq’s West Qurna 2 (pictured) and Block 10.
Registered in Cyprus, Guvnor is an energy commodities trading company with its main trading office in Geneva, Switzerland.
(Source: Lukoil)
