The Romanian authorities will only supervise the operations at Lukoil’s Petrotel refinery and not be involved in its management until a new owner is found, according to an emergency ordinance approved by the government in Bucharest this week, as reported by Hotnews.ro. Russian group Lukoil is seeking buyers for its international assets, after it came under US sanctions as an entity of the Russian state.

Separately, Lukoil’s license for the offshore perimeter Trident may be cancelled, under amendments to the Oil Law to address situations where license owners come under international sanctions. 

As regards Lukoil’s third important assets in Romania, the filling station network was allowed by the US authorities to operate until April 2026, Romanian foreign minister Oana Toiu said.

The Treasury Department in Washington announced on December 4 that Lukoil could continue to operate gas stations under its own name in the US and other countries until April 29. However, revenues could not be transferred to Russia.

The emergency ordinance approved by the government of Romania to manage the situation at Petrotek refinery introduces an “extended supervision” mechanism, which allows the government to intervene directly in the activity of Romanian companies that are affected by international sanctions.

The main instrument introduced by this normative act is that of special supervision, according to a government press release. This allows the Romanian government, with the approval of the Supreme Council for National Defence (CSAT), to intervene in situations where international sanctions may have a significant economic impact on the national economy or key sectors.

The relevant ministry may propose the establishment of this measure and the appointment of a supervisor to manage the situation.

Special surveillance can be activated either at the request of the company concerned or ex officio, by government decision, and can be revoked once the conditions that justified it have ceased to exist.

iulian@romania-insider.com

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