Romania considers selling sanctioned Lukoil assets
Photo: Lukoil owns about 320 gas stations and refineries in Romania (Getty Images)
Romania is considering the potential sale of assets belonging to the Russian oil company Lukoil, which was recently hit by US sanctions, Sky News reports.
Lukoil holds stakes in oil and gas projects across 11 countries. Earlier this week, the company announced plans to sell its assets in response to the new American sanctions.
Romania will evaluate the planned sale of roughly 320 gas stations, a refinery, and other Lukoil assets.
The Romanian Ministry of Energy wants to ensure that any future sale complies with European Union sanctions and the country’s energy security.
At the same time, the sale of energy assets could be blocked if Bucharest determines it poses a risk to national security or supply.
The final decision will be made only after fully clarifying the shareholder structure and capital sources of the potential investor.
Previously, Lukoil found a buyer for its international assets following the introduction of US sanctions. The buyer will be Gunvor Group, founded by oligarch Gennady Timchenko, who is closely connected to Russian President Vladimir Putin.
On Monday, Lukoil announced its intention to sell international assets after sanctions were imposed on the company and its subsidiaries by the US and other countries.
According to Reuters, Lukoil accounts for around 2% of global oil production. The company owns 75% of the West Qurna-2 field in Iraq, one of the largest oil fields in the world.
