Lukoil Gas Stations to Operate Until April on the Basis of an Additional License in Moldova

Energy Minister Dorin Junghietu said that Lukoil’s gas stations will operate at least until April, based on an additional license from the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department. The statement was made in the context of negotiations on the sale of the Lukoil’s foreign assets. The minister clarified that the parties had signed an agreement in principle on a possible deal, but the final decision depends on the approval of the US authorities. “An agreement in principle has been signed between the two companies on a potential deal. At the same time, Lukoil announced that it would continue negotiations with other potential acquirers of these assets. The final transaction, if it takes place, must be approved by the U.S. Treasury Department,” said Junghietu. According to him, Lukoil’s gas stations in the country will continue to operate at least until April. “Lukoil gas stations are operating, as OFAC has issued an additional license allowing their operation until April. We are talking about the transfer of Lukoil’s retail segment and, probably, several oil storage facilities that the company owns in the Republic of Moldova. We see it positive that an American company can enter the Moldovan market along with other well-known oil operators,” the minister explained. Dorin Junghietu stressed that the possible transfer of Lukoil assets to the US investment fund Carlyle Group would benefit the Moldovan energy market. “The Carlyle Group is an investment fund that manages many assets in the energy sector. The involvement of such an investor is a positive factor for Moldova. However, the process of acquiring and transferring assets can take from several months to several years,” the minister added.