The President of Romania allowed the temporary transfer of the Lukoil oil refinery to state control

Romanian President Nicusor Dan said that the Petrotel Lukoil oil refinery in Ploiesti could be temporarily transferred to state control if a special regulatory framework is in place. He noted that the Lukoil oil refinery is important for the country, not the network of gas stations. The president also noted that the risk of transferring assets to structures associated with Russia is excluded, since transactions with strategic companies are reviewed by the state commission on foreign investments.

Dan's statement was made on November 12 at a press conference in Bucharest. The plant is currently closed for maintenance and should resume operations in the coming weeks, he said. The President stressed that the sale process of Petrotel should not be forced and that, if necessary, the option of temporary state management is possible.

The day before, Energy Minister Bogdan Ivan said that Romania “must take control” of Lukoil’s local assets and will not ask the United States to extend the sanctions, which will begin on November 21. Bucharest had previously sought a delay, but the minister said the authorities now intend to act independently “to protect energy security and jobs.” The government is already preparing regulatory decisions that will allow the state to intervene in the management of strategic enterprises, if necessary.

All these steps are related to American sanctions against Lukoil and Rosneft, introduced in October. As The Insider wrote , the restrictions apply to dozens of subsidiaries and actually block any transactions with the assets of Russian corporations abroad.