Lukoil's co-founder sold his stake back to the Russian company. Estimated value, $7 billion
The co-founder of Lukoil, Leonid Fedun, has sold his approximately seven billion dollar stake in the Russian company, sources who wished to remain anonymous told Reuters.
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Fedun's decision comes in the context in which, last month, the USA and Great Britain imposed sanctions on the largest Russian oil companies – Lukoil and Rosneft – following the invasion of Ukraine.
The list of possible bidders grew after Friday the US Treasury issued a set of licenses, one of which authorizes companies to discuss with Lukoil until December 13 about the acquisition of its international assets, writes Agerpres.
After US sanctions, Lukoil has run into problems in foreign operations and is looking for buyers for its international assets, which account for 0.5 percent of global oil production and are valued at about $22 billion. In total, Lukoil produces about 2% of global oil.
Ukrainian-born and Monaco-based Fedun sold his roughly 10 percent stake back to Lukoil in early 2025, the sources said, a rare example of a Russian billionaire quietly divesting his holdings in the country.
In August, Lukoil announced that it would cancel 76 million shares – or about 11% of its capital – that it bought back from the market in 2024-2025.
According to Reuters calculations, Fedun's stake was worth approximately seven billion dollars. Lukoil representatives refused to comment and Fedun could not be contacted for comments.
