Romania might assess potential sale of Lukoil's foreign assets

MOSCOW. Oct 31 (Interfax) - Romania's Energy Ministry has noted the sanctions imposed against Russian oil company Lukoil and will analyze them in light of the fact that it is already enforcing the sanctions regime imposed at the European level, the ministry said in a press release.

Romania has also taken under advisement Lukoil's announcement of plans to sell its international assets. Following this statement an assessment of the transaction by the Commission for Examination of Foreign Direct Invest might be initiated in line with current law, the ministry said.

Ministry said "it will only be able to express a position after complete clarification of the shareholder structure and source of capital of the potential investor in order to guarantee that the transaction is carried out in full compliance with adopted sanctions packages and Romania's economic security standards."

Romania is home to oil refinery Petrotel-Lukoil and the Lukoil Romania chain of about 320 filling stations. Both companies are owned by Lukoil's trading arm Litasco, which is headquartered in Switzerland.

Lukoil announced plans to sell its international assets after being hit by U.S. sanctions last week. The company announced on Thursday that it has accepted an offer from Swiss commodities trader Gunvor to buy Lukoil International GmbH, the wholly owned Lukoil subsidiary that owns international assets of the group. The key terms of the deal were agreed by the parties earlier, Lukoil said, adding that it has "undertaken not to negotiate with other potential buyers."