Lukoil to invest USD 101 mln in Romanian refinery by 2021

Russian energy group Lukoil will invest USD 101 million in its Romanian refinery Petrotel Lukoil near Ploiesti until 2021, Aleksey Kovalenko (51), the refinery’s new manager announced, according to local Ziarul Financiar. His mandate began on December 1, when he replaced Andrey Bogdanov, who was acquitted in late October in a case of fraud involving the company. The Prahova Court ruled in late October in favour of Lukoil and its officials, including Bogdanov. The decision can be appealed by prosecutors, though. Lukoil Petrotel and its representatives were indicted by prosecutors in 2015 for alleged financial fraud including money laundering and misuse of loans. The prosecutors estimated the losses to the state budget at RON 7.6 billion (EUR 1.76 billion) and, during the investigation, seized shares and bank accounts of companies belonging to the Lukoil Group in the amount of EUR 2 bln. Three years later, in 2018, the company resumed its investment plans after the favorable court ruling. "Petrotel-Lukoil is one of the best refineries of our group. We will modernize the coking plant, where a USD 71.8 million project will be completed in 2021, and we will build a new sulfur recovery complex, for which we will earmark USD 29 million with a 2021 completion deadline, "Aleksey Kovalenko said. He added that the company will consider the optimization of whole technological processes. editor@romania-insider.com (photo source: Petrotel.lukoil.com)