Sanctioned Russian oil group Lukoil plans to sell foreign assets
Russian oil company Lukoil, which is subject to US sanctions, plans to sell its foreign operations to US investment firm Carlyle. The deal is still subject to approval by US financial authorities, Lukoil announced in Moscow. The sale also includes the company's assets in Belgium and the Netherlands.
In October, the administration of US president Donald Trump imposed sanctions on major Russian oil companies Rosneft and Lukoil in an effort to pressure Moscow to end the war in Ukraine. Those measures prevented an earlier attempt by Lukoil to sell its foreign assets to Swiss commodities trader Gunvor.
The US Treasury Department blocked that transaction because one of Gunvor’s founders was Russian businessman Gennady Timchenko. He is close associate of Russian president Vladimir Putin, even though Timchenko had withdrawn from the company in 2014.
Lukoil has now reached an agreement with the Carlyle Group, one of the largest investment firms in the world. According to its own figures, it manages assets worth 474 billion US dollar. Talks are ongoing with other potential buyers, Lukoil added, while the sale awaits approval by regulators.
Benelux assets included
Lukoil Belgium confirmed to VRT that the company's assets in Belgium and the Netherlands are part of the sale. Lukoil owns nearly 250 filling stations in the Benelux, as well as two storage terminals: one in Neder-over-Heembeek, Belgium, and another in Maastricht, the Netherlands. Lukoil also holds a 45 percent stake in the Zeeland refinery in the port of Vlissingen.
According to the Belgian arm of the company, the planned sale will have no immediate consequences for Belgian and Dutch filling stations, employees or partners. "All stations will remain operational and activities will continue. We remain fully committed to continuity, ensuring that daily operations continue smoothly and jobs are safeguarded," it said.
© BELGA PHOTO NICOLAS MAETERLINCK
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