Lukoil's Romanian refinery will process non-Russian oil

Petrotel, the refinery controlled in Romania by the Russian group Lukoil, has been processing since December 5 crude oil of non-Russian origin, Romanian minister of energy Virgil Popescu said.

"Lukoil assured us that they have alternative sources of crude oil and petroleum products and that there will be no problems in Romania", minister Popescu pointed out, quoted by Economica.net.

Lukoil's refinery in Bulgaria processes crude oil of Russian origin, but it is not allowed by the Russian authorities to export its products to other EU countries or any other third country.

Europe and the United States started enforcing on December 5 two of the toughest measures aimed at curbing Russia's income from oil, the principal source of cash used to fund its nearly 10-month-old war in Ukraine. But there was no drastic impact on oil markets yet — prices were largely unchanged by late afternoon — and that was by design.

The first measure, a price cap initiative led by the United States, sets a top price of USD 60 per barrel for Russian crude and was endorsed by the Group of 7 countries, Australia, and the European Union.

The second is an embargo that prohibits European Union countries from buying most Russian crude. It was a step that the bloc had agreed to months ago, but that was phased in with exceptions to prepare member nations.

(Photo: Mira Agro/ Dreamstime)

andrei@romania-insider.com

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Lukoil's Romanian refinery will process non-Russian oil

Petrotel, the refinery controlled in Romania by the Russian group Lukoil, has been processing since December 5 crude oil of non-Russian origin, Romanian minister of energy Virgil Popescu said.

"Lukoil assured us that they have alternative sources of crude oil and petroleum products and that there will be no problems in Romania", minister Popescu pointed out, quoted by Economica.net.

Lukoil's refinery in Bulgaria processes crude oil of Russian origin, but it is not allowed by the Russian authorities to export its products to other EU countries or any other third country.

Europe and the United States started enforcing on December 5 two of the toughest measures aimed at curbing Russia's income from oil, the principal source of cash used to fund its nearly 10-month-old war in Ukraine. But there was no drastic impact on oil markets yet — prices were largely unchanged by late afternoon — and that was by design.

The first measure, a price cap initiative led by the United States, sets a top price of USD 60 per barrel for Russian crude and was endorsed by the Group of 7 countries, Australia, and the European Union.

The second is an embargo that prohibits European Union countries from buying most Russian crude. It was a step that the bloc had agreed to months ago, but that was phased in with exceptions to prepare member nations.

(Photo: Mira Agro/ Dreamstime)

andrei@romania-insider.com

Normal
 

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