MOSCOW, October 30. /TASS/. Lukoil has received an offer from Gunvor, an international crude oil trader, to purchase Lukoil International GmbH, which holds the Russian company’s foreign assets. The key terms of the transaction have been agreed on by the parties, Lukoil said in a statement.
"On its side, PJSC Lukoil accepted the offer, having undertaken not to negotiate with other potential buyers," the company said.
The sale of Lukoil International GmbH is due to restrictive measures imposed by some countries against the company and its subsidiaries, the oil major explained.
In turn, Gunvor confirmed the negotiations over the acquisition of Lukoil's foreign assets, Reuters reported, citing the company.
"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," Lukoil said.
As of 10:24 a.m. Moscow time (07:24 a.m. GMT), Lukoil shares were up by 2.64% at 5,560 rubles per share at the Moscow Exchange. By 10:40 a.m. Moscow time (07:40 a.m. GMT), the company’s shares had narrowed gains to 1.9% as their price reached 5,490 rubles (+1.9%).
Experts interviewed by TASS estimated the sale price of Lukoil's foreign assets at up to $9 bln. Other estimates put the price at $12-15 bln.