Energy Ministry takes note of Lukoil's intention to sell its international assets

   The Ministry of Energy has taken note of Lukoil's public statement regarding its intention to sell its international assets and will start a process to assess the transaction within the Commission for the examination of foreign direct investments (CEISD), according to the current legislation, 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 analyse the position that the European Union will adopt, taking into account that Romania already enforces the sanctions regime established at European level and will act strictly within this framework. Moreover, we have taken note of Lukoil's public statement regarding its intention to sell its international assets. Following this announcement, a process to assess the transaction can be initiated within the Commission for the examination of foreign direct investments, according to the current legislation," the release says.The Ministry underscored that an official standpoint can only be expressed after the full clarification of the shareholding structure and the origin of the capital of any potential investor.On 22 October, 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, with around 320 service stations, operate in Romania, both owned by the company Litasco, based in Switzerland.Lukoil is the Russian oil company with the most diversified international operations, with upstream activities in former Soviet countries such as Kazakhstan, Uzbekistan and Azerbaijan, as well as in Egypt, the United Arab Emirates and West African countries including Ghana, Nigeria, Cameroon and Congo. In all these projects, the Russian producer holds minority stakes, and their share in Lukoil's total crude oil production was only 5 percent last year, according to the company's annual report.Lukoil also has a network of more than 5,300 service stations in 20 countries worldwide, as well as refineries in Europe. Their combined production reached 13.5 million tonnes, or approximately 270,000 barrels per day last year, according to the annual report.