Romania reportedly avoids taking over management of Lukoil refinery

The Romanian authorities are preparing framework legislation to smooth the sale of Lukoil assets, including the Petrotel refinery in Ploieşti, according to Digi24 and sources familiar with the negotiations. Initially, Energy Minister Bogdan Ivan said Romania should take control of Lukoil’s refinery and should not seek an extension of the November 21 deadline for ceasing activity under US sanctions. The United States subsequently extended the deadline by three weeks to December 13. The shift in strategy is attributed to the lack of an immediate EUR 200 million cash flow needed to rapidly operationalise the refinery in case of temporary nationalisation.

The government plans to adopt a regulatory act by November 21 to allow the refinery to be placed under state supervision and sold quickly. A second regulatory act, aimed at the network of about 300 filling stations, is to be prepared and adopted by December 13 to clarify the sale and transfer procedures. Digi24 cited sources noting that the first act would enable the sale of the refinery under state supervision, while the second act would outline the sale process for the stations.

On November 11, Energy Minister Bogdan Ivan suggested Romania could temporarily take over Lukoil’s assets using a model similar to those used by Bulgaria and Germany.

Background context: Lukoil has been attempting to sell Petrotel for nearly a decade, with investors deterred by outdated facilities and the scale of required investment. Some reports have speculated about the state’s potential to assume control due to formal claims against the Russian group, though the legal status of such claims remains unclear.

Author’s note: The Romanian authorities appear oriented toward a rapid, state-supervised sale pathway for Lukoil’s assets, balancing sanctions compliance with energy security and uninterrupted fuel supply.

Авторское резюме: Румынское правительство планирует временно национализировать и затем продать активы Lukoil под государственным надзором, чтобы соблюсти санкции США и обеспечить энергобезопасность; ключевой вопрос — финансирование и скорость реализации сделки.

Romania Insider — 2025-11-20

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