Lukoil to exit Moldova amid US sanctions, Energy Minister says

Moldova’s Energy Minister Dorin Junghietu said Russian oil company Lukoil will cease operations in Moldova on Nov. 21 following US sanctions targeting the firm on Friday.

Junghietu announced the decision on his Facebook page, saying the Moldovan government has offered to purchase some of Lukoil’s local assets.

He said the government had submitted an offer to purchase the gas storage units at Chisinau airport from Lukoil, noting that the proposal should be assessed by Nov. 17 as the company is set to cease operations soon after.

– Sale decision follows sanctions

On Oct. 23, US President Donald Trump placed Lukoil, Russia’s second-largest oil producer, and its subsidiaries under sanctions, citing a “serious lack of commitment” to the peace process aimed at ending the war in Ukraine.

Lukoil, which accounts for about 2% of global oil output, said on Oct. 27 that it would divest its international assets in response to the US move.

The company announced on Oct. 30 that it had reached a deal to sell its holdings to Gunvor Group, but the US Treasury Department declined to approve the transaction, prompting Gunvor to withdraw its offer.

• Lukoil
• Moldova’s Energy Minister Dorin Junghietu