Romanian Energy Ministry scrutinises Lukoil asset sale amid sanctions concerns

Business Forum
The Ministry of Energy acknowledged the public statement from Lukoil regarding its intention to sell its international assets and will initiate a process to evaluate the transaction within the Commission for the Scrutiny of Foreign Direct Investments (CEISD), in line with current legislation.

"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, an analysis of the position to be adopted by the European Union is necessary, considering that Romania already applies the sanctions regime established at the European level and will act strictly within this framework. Furthermore, we have taken note of the public statement from Lukoil regarding its intention to sell its international assets. Following this announcement, a process to evaluate the transaction within the Commission for the Scrutiny of Foreign Direct Investments (CEISD) can be initiated, in line with current legislation," the statement reads.

"We will be able to express a subsequent position only after the complete clarification of the ownership structure and the capital's origin of any potential investor, to guarantee that the transaction is conducted in full compliance with the adopted sanctions packages and with Romania's economic security standards," the statement further notes.

The Petrotel-Lukoil refinery and the Lukoil Romania network, with approximately 320 distribution stations, operate within the country, both having Litasco, headquartered in Switzerland, as a shareholder, according to the Ministry of Energy.

Lukoil announced on Thursday that it had accepted an offer from the trader Gunvor to acquire Lukoil International GmbH (a 100% subsidiary of PJSC Lukoil), which holds the company's international assets, according to Reuters.

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