Media: Lukoil oil trader Litasco transferred part of its activities to Dubai

MOSCOW, 10 Oct — PRIME. Lukoil’s Swiss oil trader Litasco has relocated part of its operations to Dubai, UAE, in the past few months, Reuters reported, citing sources familiar with the situation.

“Litasco, based in Switzerland, has transferred at least 15 people to Dubai, where previously there was only a representative office of the company,” the agency said.

Those transferred to Dubai included the head of global oil trading, a middle distillate trader and a charter team, sources said.

“They are gradually moving to Dubai. This is inevitable, given … a package of European sanctions that prohibits buying Russian oil from December 5,” Reuters quoted one of the interlocutors as saying.

The EU has put into effect another package of sanctions, which includes, in particular, the introduction of a legislative framework for determining a price ceiling for maritime transport of Russian oil to third countries. It is planned that the price limit will be introduced on December 5 for oil and on February 5 next year for petroleum products.

Litasco (Lukoil International Trading and Supply Company) is the sole international trade operator of the Lukoil group, carries out all its supplies and trading operations abroad. Litasco includes subsidiaries and branches in the USA, the Netherlands, Kazakhstan and other countries.