Lukoil announces that it has received an offer, which it has accepted, from the Gunvor group to purchase its international assets, including those in Romania.
"The conclusion of the mandatory transaction agreement is subject to certain conditions, including obtaining approval from OFAC (an office within the U.S. Treasury) by the buyer, as well as any other licenses, permits, and other applicable authorizations in other jurisdictions.
If necessary, the parties intend to request the extension of the existing OFAC license and any additional licenses to ensure uninterrupted operations of the international assets and their banking services until the completion of the transaction," announces Lukoil in a statement.
The Gunvor group presents itself as one of the world's largest independent commodity traders, specializing in energy and materials transportation and holding investments in refineries, pipelines, depots, and terminals.
Founded in 2000, it is headquartered in Nicosia, Cyprus, and has offices in Geneva, Singapore, Dubai, and the Bahamas. Its founders are Torbjörn Törnqvist, a Swedish citizen born in 1953, and Gennady Timchenko, a Finnish citizen born in the Soviet Union in 1952.
Romania analyzes the transaction
The Ministry of Energy announces that it is analyzing Lukoil's intention to sell its international assets.
Romania's position will be clarified only after a complete verification of the shareholders and the origin of the potential investors' capital, in order to comply with EU sanctions and economic security.
"We have taken note of the sanctions announced by the Office of Foreign Assets Control, an agency within the U.S. Department of the Treasury. Before making a decision, it is necessary to analyze the position that the European Union will adopt, considering that Romania already applies the sanctions regime established at the European level and will act strictly within this framework.
We have also taken note of Lukoil's public statement regarding the intention to sell its international assets. Following this announcement, an evaluation process of the transaction can be initiated within the Commission for the Examination of Foreign Direct Investments (CEISD), in accordance with the current legislation," according to a press release.
The Ministry of Energy specifies that it will be able to express a position only after a complete clarification of the shareholders' structure and the origin of the capital of any potential investor, to ensure that the transaction takes place in full compliance with the adopted sanction packages and Romania's economic security standards.
Lukoil, the second-largest oil producer in Russia, announced on Monday evening that it will sell its international assets, following the sanctions imposed last week by the United States due to the war in Ukraine.
Lukoil has two main businesses in Romania. One is the Petrotel refinery in Ploiesti, the third in Romania in terms of installed capacity, with 2.5 million tons per year, and the other is the Lukoil gas station network, with around 320 stations.