According to Serbian Economist, Russian oil and gas company Lukoil has announced that it has reached an agreement with Gunvor Group to sell all of its foreign assets, including its Serbian subsidiary Lukoil International GmbH (Austria) and its shares in Serbia.
Lukoil’s official statement indicates that Gunvor’s offer has been accepted and that the company undertakes not to negotiate with other potential buyers. The completion of the deal depends on obtaining permission from the US Office of Foreign Assets Control (OFAC) due to the sanctions imposed on Lukoil.
The sale is related to “restrictive measures” imposed by certain countries on Lukoil and its foreign subsidiaries. The deal involves the transfer of networks, assets, and business to the Serbian company Lukoil Serbia.
According to the company’s official data, at the end of 2025, there were 112 Lukoil Serbia gas stations operating in Serbia. Lukoil was second in terms of the number of stations on the Serbian market.
The Serbian retail fuel market is estimated at approximately €3.5 billion in revenue for 2024.
Gunvor Group Ltd is an international energy trader registered in Cyprus with its headquarters in Geneva. In 2024, the company’s revenue amounted to approximately $136 billion. Gunvor specializes in trading crude oil, petroleum products, and LNG, and also has assets in infrastructure (terminals, storage facilities) around the world.
