Gunvor Group has reached an agreement in principle to acquire the Serbian downstream and retail-assets of Lukoil, namely those held by Lukoil’s Serbian subsidiary, with the transaction subject to customary regulatory approvals and closing conditions.

Key highlights of the planned acquisition

Gunvor will acquire all of Lukoil’s Serbian refining, storage, fuel-distribution and retail-filling-station assets, thereby assuming a leading role in Serbia’s fuel retail and logistics infrastructure.

The transaction reinforces Gunvor’s strategy to expand its integrated presence in South-Eastern Europe, enhancing supply chain resilience, optimizing storage and logistics, and improving product availability across the region.

Through the acquisition, Gunvor will step up investments in modernization of infrastructure, implementation of best-in-class safety, environmental and operational standards, and supporting the energy-transition agenda in Serbia.

Gunvor intends to work closely with local stakeholders — employees, suppliers, regulators and communities — to ensure a seamless transition, safeguard jobs, and contribute to the Serbian economy through local procurement and development of skills and capabilities.

Gunvor Group is a global energy-commodities trading and logistics company, active in trading, transport, storage and optimization of petroleum and energy-related products.

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