CEO and majority owner Thorbjorn Tornqvist says Sweden’s Geneva-based Gunvor Group should take over Lukoil’s assets in Serbia, Bulgaria and Romania, gas station networks in Europe and the United States, as well as oil and gas fields in the Middle East, Central Asia and Africa.
The realization of this agreement depends on the approval of American, British and Swiss institutions, and time is limited because the new American sanctions against Lukoil and Rosneft come into force on November 21, writes SEEbiz.
In an interview with the Financial Times, Tornkvist warned that it is crucial to extend the operating licenses for Lukoil, because otherwise “the capacity of the refineries could be seriously threatened.”
The Lukoil refinery in Burgas provides more than two-thirds of the fuel in Bulgaria, while Petrotel in Romania covers about a third of the oil processing in that country. According to him, any interruption of work would directly affect the energy stability of the region.
At the same time, Swedish billionaire Tornkvist dismissed speculation that Gunvor is only temporarily taking over the property so that Lukoil can later take it back, noting that the authorities will demand a “complete severance of ownership ties” with the Russian company.
The Gunvor Group’s historical ties to Russia further complicate this transaction. One of the co-founders of the company was an ally of Russian President Vladimir Putin, Gennady Timchenko, who sold his stake to Tornkvist after it was covered by sanctions in 2014.
Gunvor has gradually withdrawn from most Russian projects, but there is still a reputational risk, according to the Financial Times.
The United States last month placed Lukoil and Rosneft on its list of sanctioned entities, as part of efforts to cut Russian revenues during the war in Ukraine.
Therefore, the approval of the Office of Foreign Assets Control (OFAC) at the US Department of the Treasury is necessary to finalize the transaction.
(Vijesti.ba)
