Sanctions imposed on Russia by Western states as a result of the crisis in Ukraine will force Russian oil group Lukoil to reduce its investment program, due to limited access to new financing, according to Reuters.

This might determine the group to sell some of its assets in Eastern Europe, according to Vagit Alekperov, the group’s CEO and major shareholder. He didn’t mention which assets could be sold and in which countries.

Lukoil currently has a 20 percent share on the Romanian fuel market. The group owns a refinery in Ploiesti and 300 gas stations. Both Lukoil-Petrotel, the company that operates the refinery, and Lukoil Romania, the company that operates the distribution network, were among the largest 10 companies in Romania by turnover in 2013, each with more than EUR 1 billion in sales. However, both company registered losses.

Lukoil also owns a power plant in Ploiesti and last year bought a 70 MW wind park in Galati county, through its Lukerg subsidiary, following a EUR 109 million transaction. The company also developed a 82 MW wind park in Tulcea county.

editor@romania-insider.com