Gunvor acquires Lukoil operations in Serbia

MOSCOW/VIENNA - Russian oil producer Lukoil PJSC, which is under US sanctions, has accepted an offer by the Swedish-Norwegian energy company Gunvor Group, owned by Swedish billionaire Torbjorn Tornqvist, to buy its Austrian-based firm Lukoil International GmbH, the owner of Lukoil Serbia.

Lukoil International GmbH is the holder of Lukoil Group's international assets.

Lukoil announced plans to sell its international operations after the US imposed sanctions on it last week.

The deal with Gunvor is subject to approval by the US government.

Lukoil Serbia has 112 active petrol stations and two oil storage facilities in Serbia and a workforce of around 180, while its network of partners and dealers has around 800 employees.