The Ministry of Energy has taken note of Lukoil’s public statement regarding its intention to sell its international assets and will initiate a process of assessing the transaction within the Commission for the Examination of Foreign Direct Investments (CEISD), in accordance with the legislation in force, the institution announced on Thursday.
“We have taken note of the sanctions announced by the Office of Foreign Assets Control, an agency within the United States Department of the Treasury. Before making a decision, it is necessary to analyze the position that the European Union will adopt, given that Romania already applies the sanctions regime established at European level and will act strictly within this framework. We have also taken note of the public statement of Lukoil regarding the intention to sell its international assets. As a result of this announcement, a process of evaluating the transaction within the Commission for the Examination of Foreign Direct Investments (CEISD), in accordance with the legislation in force, may be initiated,” the statement states, according to Agerpres.
The ministry emphasizes that an official position can only be expressed after the complete clarification of the shareholding structure and the origin of the capital of any potential investor.
“We will be able to express a further position only after the full clarification of the shareholding structure and the origin of the capital of any potential investor, in order to guarantee that the transaction is carried out in full compliance with the adopted sanctions packages and with Romania’s economic security standards,” the statement added.
On October 22, US President Donald Trump imposed sanctions on Russia’s largest oil companies, Lukoil and Rosneft.
According to the Ministry of Energy, the Petrotel-Lukoil refinery and the Lukoil Romania network operate in Romania, with approximately 320 distribution stations, both of which are owned by the Swiss-based Litasco company.
Russian oil group Lukoil, pressured by the sanctions recently announced by the US, announced on Thursday that it had accepted an offer from trader Gunvor to acquire Lukoil International GmbH (a 100% subsidiary of PJSC Lukoil), which owns the company’s international assets, Reuters reported.
Separately, global commodities trader Gunvor confirmed on Thursday that it is in talks with Lukoil to acquire the Russian oil group’s international assets.
“The key terms of the transaction have been previously agreed by the parties. In turn, Lukoil has accepted the offer, committing not to negotiate with other potential buyers,” Lukoil said in a press release.
The Russian group said that the completion of the transaction is subject to certain conditions precedent, including the buyer obtaining OFAC permission (Office for Foreign Assets Control within the US Treasury – n. r.) as well as any other licenses, permits and authorizations in other jurisdictions.
The sale of Lukoil’s international assets is the most significant action so far by a Russian company, following sanctions imposed in the context of Russia’s invasion of Ukraine, which began in February 2022.