Baku: European countries could face job losses and fuel supply disruptions if Swiss commodities trader Gunvor Group fails to acquire Lukoil’s foreign assets subsidiary Lukoil International GmbH, said Gunvor’s CEO, Torbjorn Tornqvist, APA-Economics reports, citing foreign media.

According to Azeri-Press News Agency, the scope and scale of this deal require regulatory work, and it is not feasible to complete it in two weeks. All of Lukoil’s international operations are currently paralyzed, preventing any transactions. Tornqvist emphasized that thousands of jobs are at risk, and refining capacity could be seriously disrupted if the acquisition does not proceed.

Tornqvist highlighted the urgent need for permits to avoid disruptions in fuel supply, stressing that the main priority is to ensure the extension of the general operating license. Lukoil recently confirmed that it received a formal offer from Gunvor Group to acquire its subsidiary, which owns its foreign assets. Gunvor Group has already agreed on the main terms and has committed not to negotiate with other potential buyers.

On October 22, the U.S. Department of the Treasury imposed sanctions on Lukoil and its subsidiaries, mandating that all transactions with them must be completed by November 21. Additionally, the European Union imposed restrictions on Lukoil’s Dubai-based trading unit Litasco Middle East DMCC as part of the 19th sanctions package announced on October 23.