Lukoil not in talks with Ramoco Fuels about selling its retail assets in United States

MOSCOW. Nov 26 (Interfax) - Lukoil is not discussing the sale of its assets with American company Ramoco Fuels.

"No negotiations are underway with Ramoco Fuels regarding the sale of Lukoil's assets," a Lukoil representative told Interfax.

Media reports had said Ramoco Fuels was looking to acquire Lukoil's filling station network, leasing 194 gas stations and offering $150 million for them.

The United Kingdom imposed sanctions on Lukoil on October 15 as part of a major update to the Russian section of its sanctions list and set a deadline of November 29 for winding down all transactions with the company. The U.S. followed with sanctions of its own on October 22, issuing a license to wind down business with Lukoil by November 21. A number of the company's international projects were granted exemptions from the sanctions.

Shortly after this, Lukoil announced plans to sell its international assets. It later emerged that Lukoil had received and accepted an offer to buy its international arm, Lukoil International GmbH, from commodities trader Gunvor. The key terms of the deal were agreed by the parties, but they could not proceed because the U.S. Treasury Department said it would not issue Gunvor a license to do business while the conflict in Ukraine continued. In light of this, Gunvor withdrew its offer.

Soon after, Lukoil said it was holding negotiations on the sale of its international assets with several potential buyers. The company said it would aim to ensure the uninterrupted operation of these assets during their sale and transfer to new owners.

Lukoil says on its website that it is involved in projects in Azerbaijan, Kazakhstan, Uzbekistan, Iraq, Egypt, Cameroon, Nigeria, Ghana, Mexico, the United Arab Emirates and Republic of the Congo, and has oil refineries in Bulgaria, Romania and the Netherlands. The company also has about 2,500 filling stations in 19 countries.