Romania seeks to take control of US-sanctioned Lukoil assets

Romanian Energy Minister Bogdan Ivan has said that the state should take control of the assets belonging to the Russian energy giant Lukoil, whose operations have been hit by US sanctions.

Source: European Pravda, citing Romanian news outlet HotNews.ro

Details: Ivan said that Romania "must take control" of Petrotel Lukoil – the Romanian subsidiary of Lukoil – in order to "ensure full compliance with international measures, protect the jobs of 5,000 employees and guarantee the stability and security of the national energy system".

He added that he supports the "decisive" implementation of US sanctions against Lukoil and does not support any delays in their enforcement, which is set to begin on 21 November.

Quote: "Moreover, I will support the repetition and uniform application of the sanctions initiated by the US across the entire European Union."

Background:

• The US sanctions against the Russian oil companies Lukoil and Rosneft come into effect on 21 November. From that date, any activity with these companies and their subsidiaries abroad will be prohibited.
• Lukoil has been trying to sell the Petrotel oil refinery for nearly 10 years without success. The plant processes around 2.4 million tonnes of crude oil per year.
• Bulgaria is also prepared to take control of a Lukoil refinery in order to sell it to a new owner and remove this strategic asset from sanctions. The country is also conducting inspections and implementing security measures at the facility to preserve critical infrastructure.

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