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Swedish Tycoon Törnqvist Eyes $20B Lukoil Asset Deal Amid US Sanctions
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Torbjörn Törnqvist, the billionaire co-founder of Swiss energy trading firm Gunvor, is moving to acquire the overseas operations of Russia’s Lukoil, according to a report by The Wall Street Journal published on November 4.
The deal follows just days after the US imposed sanctions on the Russian oil giant and could significantly expand Gunvor’s global footprint—pending approval from US and UK sanctions authorities.
According to WSJ, if the deal goes through, it would hand Törnqvist control over a broad portfolio of assets: gas stations from the Bronx to Sicily, oil refineries across Europe, and upstream production in the Middle East and Central Asia.
The proposed acquisition would also resolve a key challenge for Russia, which is under increasing economic pressure due to Western sanctions.
The preliminary agreement was reportedly reached just three days after Lukoil announced its intent to sell, highlighting Törnqvist’s reputation for acting swiftly in high-stakes markets. Sources cited by WSJ say the deal includes no buyback provisions, fully cutting Russian ties to the assets.
Valued at up to $20 billion, the deal would significantly strengthen Gunvor’s position in global energy markets. Analysts note it also reflects how US sanctions introduced under the Trump administration continue to reshape the opaque world of oil trading, where billions of dollars circulate daily.
Earlier, it was reported that Lithuania will stop transporting Russian oil to the Kaliningrad region as new US and UK sanctions against major Russian energy firms Rosneft and Lukoil come into effect.
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