MOL Interested in Acquiring Lukoil’s Romanian Assets
Hungarian multinational company MOL is currently in talks with Russian company Lukoil regarding a potential acquisition of its interests in Romania, as reported by Chronicle Online. The discussions are said to involve the Black Sea concession (Trident) and the Ploiești refinery. While MOL Romania representatives have not confirmed or denied the reports, Lukoil has yet to respond to inquiries from journalists.
According to Economedia, sources suggest that representatives of the Romanian state are strongly against the deal. Allegations have been made regarding suspicions about the actions of the Hungarian government in Budapest, as acquiring these interests would give them a strategically important Black Sea concession and control over a significant portion of the Romanian refining market. It is reminiscent of a previous rejected transaction where Hungarian bank OTP Bank attempted to purchase Banca Românească.
The future of the negotiations between MOL Romania and Lukoil remains uncertain, with no clear indication of whether they will proceed or come to a halt. Lukoil, a privately owned company based in Moscow, is reportedly considering selling its interests in Romania, as first hinted at by the Bucharest press in January 2023.
Gábor Mozga, MOL’s managing director, expressed intentions of furthering the growth of Mol Romania in line with the group’s strategy, aiming to strengthen market presence and ties with the local business environment in the medium to long term. Economedia also highlighted that Lukoil holds the concession for the Trident gas field in the Black Sea, with significant reserves estimated at 30 billion cubic meters.
The Romanian National Agency for Mineral Resources granted Lukoil permission to continue exploration activities last year, despite inconclusive results thus far. The exploration program has not convinced the Russians to commence production, with Romgaz holding a 12 percent stake in the Lukoil concession.
As discussions and negotiations unfold between MOL and Lukoil, the outcome will have significant implications for both companies and the energy sector in Romania. Stay tuned for further updates on this developing story.
