Chinese oil company is after Lukoil’s refinery in Romania

The Chinese oil company China Peace Petroleum Group has contacted Russian oil group Lukoil to start negotiations for selling its refinery in Romania, but the Russian group declined the offer, according to sources quoted by Reuters. The Chinese group submitted the letter of intent in March. Thomas Muller, Lukoil vice-president, confirmed last week that the group received offers to sell its refinery in Ploiesti, stressing however that it is not for sale. Last week Romanian prosecutors decided to seize assets belonging to Lukoil Europe BV Netherlands and Petrotel Lukoil. They have seized bank accounts held by Lukoil Europe BV Netherlands at British and Dutch banks, as well as the shares the firm holds at Petrotel-Lukoil SA Ploiesti. The damage generated by misusing the company’s capital is estimated at over EUR 2 billion, according to prosecutors. Lukoil has asked the European Commission for help in this matter. editor@romania-insider.com