A former Lukoil employee, hotel owner in Chisinau, controls fuel re-exports to Ukraine
The boom in oil re-exports from the Republic of Moldova turned into a spectacular collapse in 2024–2025, according to an analysis by economist Iurie Rija.
After Moldova became a key point on the region's logistical map in 2022 and 2023, especially for supplying Ukraine with fuel, the situation changed radically, reports money.md.
In 2023, the total value of oil re-exports reached a record level of almost $398.8 million, but in 2024 it collapsed to just $136.2 million.
The main reason is the sudden drop in demand for diesel, which fell to just $26.2 million. Gasoline, on the other hand, held up better, with a volume of $110 million, but even here the trend is downward. In the first four months of 2025, the re-exported quantity fell to 29,700 tons, signaling a reorientation of trading partners.
Profit margins have eroded significantly, from 1.41 lei/kg in 2024 to just 0.86 lei/kg in 2025, which led to a decrease in gross profit from 170.5 million lei in 2024 to 25.4 million lei in the first four months of this year.
The re-export market is dominated by three companies: "Naftatrans" SRL (42.4% of the total volume), "Avante" SRL (22.5%) and "Energoil" SRL (12.3%). Together, they control over 77% of the transited volume, the rest being divided between several smaller players.
"Naftatrans" SRL, founded in 2013, is controlled by Transnistrian businessman Miroslav Scurtu, a former director of Lukoil Moldova and a citizen of the Transnistrian region. In 2023, Scurtu purchased the famous Dacia Hotel in Chisinau for 3.5 million euros.
Gasoline re-exported through Moldova comes almost exclusively from Romania, 90% in 2024 and over 93% in the first months of 2025. Greece and Hungary had marginal deliveries, but almost completely disappeared in 2025.
"The case of oil re-exports demonstrates how spectacular figures in foreign trade can create a false image of the state of the economy. Moldova did not become a fuel exporter, but only took advantage of a temporary regional opportunity. Now, the mirage has dissipated, and the country has returned to reality," warns economist Iurie Rija.
The economist emphasizes that this decline in re-exports is not a signal of crisis, but a normal adjustment after a period of imbalance. However, the collapse in profitability and the concentration of the market in the hands of three large companies raise questions about the sustainability of the sector.
Source;https://point.md/ro
