The CEO of Gunvor warns that blocking the acquisition of Lukoil could lead to job losses and disruptions in fuel supply in Europe.

Europe faces significant risks if the acquisition agreement for Lukoil's assets by Gunvor is blocked, warns Torbjörn Törnqvist, CEO of Gunvor, in an interview with the 'Financial Times'. The deal, valued at $22 billion, includes refineries in Romania and Bulgaria, gas stations in Europe and the United States, as well as oil and gas fields in the Middle East, Central Asia, and Africa. Törnqvist emphasizes that urgent approvals are needed to avoid disruptions in fuel supply, in the context of new U.S. sanctions that will come into effect on November 21. Lukoil's refinery in Burgas provides a large part of Bulgaria's supply, while Petrotel in Romania significantly contributes to the country's processing capacity. Törnqvist assured that Gunvor will not revisit the deal without careful assessment and ruled out the possibility of the assets returning to Lukoil, highlighting the need for authorities' approval to continue the agreement.