At the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Gunvor Group CEO Torbjorn Tornqvist confirmed that a potential agreement for purchasing the overseas assets of Russia’s Lukoil will not feature a buyback clause.

Following the U.S. sanctions imposed on Lukoil last month, the Russian oil giant accepted an offer from Gunvor to acquire its foreign holdings. Speaking to Reuters on the sidelines of ADIPEC, Tornqvist made it clear that Gunvor has no plans to include any provision allowing the assets to be resold to Lukoil if sanctions are lifted.

“Absolutely not,” Tornqvist said when asked whether such a clause could appear in the final deal.

Headquartered in Switzerland, Gunvor has reportedly started discussions with regulatory authorities about the purchase, according to a Bloomberg report released on Tuesday.

Gunvor gained prominence in the 2000s as one of the world’s leading traders of Russian oil. The company has benefited significantly from the surge in energy prices triggered by the war in Ukraine and Europe’s efforts to reduce reliance on Russian energy supplies.

Alongside competitors such as Vitol and Trafigura, Gunvor has reinvested its recent profits into acquiring energy-related assets, including refineries, oil fields, power plants, and renewable energy projects.

Reporting by Sarah El Safty, Yousef Saba, and Jana Choukeir; Writing by Nayera Abdallah; Editing by Tom Hogue and Joe Bavier.