Sell-off of Lukoil’s assets abroad, including property in Serbia: Vucic says the much bigger problem for us is NIS

The Russian oil producer Lukoil PJSC, which is under U.S. sanctions, accepted an offer from the Swedish-Norwegian energy trading company Gunvor Group, owned by Swedish billionaire Torbjörn Törnqvist, to purchase its subsidiary Lukoil International GmbH, based in Austria, which owns Lukoil Serbia. Lukoil International GmbH holds Lukoil Group’s international assets.

Lukoil Srbija d.o.o., a subsidiary of PJSC "LUKOIL", is a limited liability company engaged in the trade of petroleum products and ranks second in the Serbian market by the number of gas stations, according to the company’s website.

The company "LUKOIL SRBIJA" d.o.o. employs around 180 people, and through its partner–dealer network, it provides jobs for about 800 more.

"LUKOIL SRBIJA" d.o.o. operates a network of 112 active gas stations across Serbia, as well as two oil storage facilities in Doljevac and Ostruznica.

Vucic: It’s good if Lukoil has resolved the issue of sanctions

Serbian President Aleksandar Vucic stated that it would be good for Serbia if the Russian oil company Lukoil had resolved the problem of U.S. sanctions by selling its assets abroad.

"I’ve already seen remarks in Western media about who it supposedly belongs to. We’re happy if Lukoil has wrapped this up. Lukoil has a significant number of retail outlets in our country", said the Serbian president.

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He noted that Lukoil imports about 100,000 tons of petroleum products into Serbia.

"With that, a small problem would be solved. But whether it will or not remains to be seen. What remains for us is a much bigger problem - the refinery, NIS. I hope we’ll know how and manage to solve that in the days ahead", Vucic said in Samarkand, where he attended the opening ceremony of the 43rd session of the UNESCO General Conference.

As a reminder, U.S. President Donald Trump imposed sanctions on Russia on October 22 due to the war in Ukraine, targeting the oil companies Lukoil and Rosneft.

A former Lukoil executive told Politika that after the sale, the company’s profits could drop by 30 percent because it will have to sell three refineries and half of its roughly 5,000 gas stations abroad.

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