Gunvor May Acquire LUKOIL’s Foreign Assets, Including Projects in Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) — Gunvor Group Ltd is being considered as a potential buyer of LUKOIL’s foreign assets, including projects in Uzbekistan, as part of the company’s sale of its international portfolio under pressure from Western sanctions.

The deal encompasses assets managed through LUKOIL International GmbH, including refineries, retail gas stations, and oil and gas exploration and processing operations in several countries.

In Uzbekistan, LUKOIL operates under production-sharing agreements (PSAs) at the Kandym–Khauzak–Shady and South-West Gissar projects, engaging in gas extraction and processing, and manages a network of fuel stations. The company’s total investments in the country exceed 10 billion dollars, making it one of the largest foreign investors in the gas sector.

Experts estimate LUKOIL’s entire foreign asset portfolio at 10–12 billion dollars. The sale is linked to U.S. and U.K. sanctions imposed in October 2025, which forced the company to restructure its international business.

For Gunvor, the deal offers an opportunity to expand its presence in both upstream and downstream markets, integrating extraction, processing, and fuel retail networks under a single management.

However, the transaction will require approval from regulatory authorities, including OFAC, and resolution of LUKOIL’s legal status and debt obligations.