Gongwo withdraws from bidding for Lukoil international assets.

The Gunvor Group has withdrawn its acquisition offer for the international assets of sanctioned Russian oil producer Lukoil. Earlier, the US Treasury Department stated that this oil and gas trading company would never be granted a license, calling it a "puppet of the Kremlin." Gunvor refuted the US Treasury Department's statement, calling it "completely wrong and false." However, the company stated that it would now withdraw from the bidding process. "Gunvor has always maintained transparency regarding its ownership and operations, actively keeping a distance from Russia for over a decade, complying with sanctions by ceasing trade, selling Russian assets, and openly condemning the war in Ukraine," Gunvor said in a statement on Thursday. "We welcome the opportunity to clarify this obvious misunderstanding." The US Treasury Department's statement on the social media platform X did not provide further explanation. Gunvor is a large oil and gas trading company with long-standing ties to the Russian energy sector.