Gunvor Group Chief Executive Officer Torbjörn Törnqvist said the commodities trading firm is ready to address any regulatory concerns about possible lingering Russian influence over assets it is acquiring from Lukoil, according to a report by Bloomberg News.
Last week, Russia’s second-largest oil company, Lukoil, confirmed it had accepted an offer from Gunvor Group Ltd to purchase its foreign assets, part of a broader divestment prompted by U.S. sanctions.
Törnqvist told Bloomberg that Gunvor’s acquisition will not involve any resale or return of assets to Russian ownership, emphasizing that “there will be no way back” for Lukoil once the deal is completed.
The Swiss-based trader — one of the world’s largest independent energy trading houses — has initiated talks with regulators in several jurisdictions to ensure compliance and transparency.
Gunvor, co-founded by Törnqvist in 2000, once had close commercial ties to Russian energy producers, including Lukoil and Rosneft, but has significantly reduced its exposure to Russia since Western sanctions began following Moscow’s 2022 invasion of Ukraine.
The move comes amid heightened scrutiny of global energy deals involving Russian companies, as Western governments continue efforts to curb Moscow’s access to capital and foreign markets.
About the Author
