By John Meyer, consultant in business – Eurasia Business News, November 4, 2025. Article no. 1881
Torbjörn Törnqvist, the Swedish billionaire and CEO of Gunvor Group, has recently finalized a significant deal to acquire Lukoil’s international assets, marking a notable development in the global energy sector amid ongoing sanctions. The acquisition involves Lukoil’s external portfolio, including refineries in Bulgaria and Romania, fuel retail chains in Southeast Europe, and other global assets previously owned by the Russian oil giant.
This transaction is part of Lukoil’s response to increased U.S. sanctions targeting Russian energy companies, which have restricted its operations outside Russia since early October 2025. To comply with these sanctions, Lukoil has agreed to sell its foreign assets to Gunvor, a major independent commodities trading house founded in 2000 by Törnqvist and Gennady Timchenko.
Details of the Deal
Gunvor’s CEO emphasized that this deal represents a “clean break” for the assets, indicating a straightforward transaction without ongoing Russian assets involved. The sale covers assets in Southeast Europe, including the largest oil refinery in the Balkans, Lukoil Neftohim Burgas in Bulgaria, and the Petrotel-Lukoil refinery in Romania, along with fuel retail networks across several countries.
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The financial terms have not been disclosed, and the completion of the deal depends on obtaining necessary approvals from U.S. authorities, particularly the Office of Foreign Assets Control (OFAC), and relevant regulators in other jurisdictions. Gunvor has indicated its intention to seek extensions for existing licenses to ensure continuous operations during the transition period.
Background of the Parties
Törnqvist, who has over 40 years of experience in the oil and gas industry, co-founded Gunvor and has steered it to become one of the world’s largest independent energy traders. Gennady Timchenko, Gunvor’s other founder, previously a major stakeholder, sold his stake in 2014 due to U.S. sanctions related to Russia’s actions in Ukraine. However, Gunvor maintains close ties to Russian energy through its trading operations, though it claims not to trade in Russian crude oil directly.
Strategic Significance
This deal underscores the ongoing realignment in the global energy trade driven by geopolitical tensions, sanctions, and Russia’s efforts to manage its assets amid international restrictions. For Törnqvist and Gunvor, acquiring these assets enhances their portfolio and strategic footprint in Southeast Europe and beyond, amidst a shifting landscape where Russian assets are increasingly divested or operated under new ownership structures.
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© Copyright 2025 – Eurasia Business News. Article no. 1881
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