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Russia’s Lukoil to sell its Geneva-based oil-trading business

Russia’s Lukoil to sell its Geneva-based oil-trading business

MOSCOW: Lukoil PJSC announced that is considering selling its Geneva-based marketing and trading business, a move that would mark a significant pull back in the international presence of Russia’s second-largest oil company.

According to Reuters, Lukoil is considering selling its Swiss unit Litasco because new U.S. sanctions on Russia will make it harder for the Geneva-based energy trader to raise new funds. There’s no final decision yet on whether to sell the unit, which buys and sells crude and refined oil products in more than 80 countries, Lukoil’s billionaire Chief Executive Officer Vagit Alekperov told reporters in Moscow on Wednesday. The company could decide in November, he added.