Dan on a possible takeover of Lukoil: The refinery is important, not the share of gas stations

According to the president, Lukoil’s commercial activity in Romania includes a refinery and approximately 100 gas stations, the share of the latter not being very important.

„The refinery is important. At the moment it is closed for maintenance, and is due to reopen in a few weeks. As can be seen, the fact that it is closed does not affect the flow, but in the medium and long term, if it were to stop processing, refining, it would force us to import more. That is the problem,” Nicușor Dan declared in a conference.

The President stated that there is no risk that the refinery will be taken over by a Russian front company.

„There is no risk that it will be taken over by someone, a Russian front company, because we have a commission that evaluates all sales of companies that have a strategic interest. (…) Of course, there is an interest in it being taken over, but nothing forces us to rush this process,” added Nicușor Dan.

The President added that „there is also an option, which requires a special regulatory framework, (…) that for a limited period it be taken over by the Romanian state.”

The sanctions imposed by the United States of America on Lukoil and its subsidiaries aim to block the revenues that feed Russia’s war economy. Although Russian crude oil is not used in Romania, activities could be affected, as the American sanctions apply to all entities controlled by at least 50% of the targeted companies. Under these conditions, the Romanian authorities must decide whether to allow the sale of assets, intervene directly, or continue the activity, assuming the risks generated by sanctions.