Lukoil to sell all of its international operations to Gunvor

Lukoil is to sell all of its international operations to Swiss trading company Gunvor, including refineries in Bulgaria and Romania, petrol station networks in Europe and the United States, and oil and gas production assets in the Middle East. The sale is a direct consequence of the US sanctions imposed last week. The value of Lukoil's international portfolio is estimated at $12 billion. Discussions between Lukoil and Gunvor have been exclusive, reinforcing suspicions of an unofficial link between Gunvor and the Kremlin.