Russian oil company Lukoil is expected to sell its Romanian refinery, Petrotel, before the November deadline set under the latest US sanctions targeting Russian energy firms. Romania’s State Secretary for Energy, Cristian Busoi, confirmed that the government anticipates Lukoil’s complete withdrawal from the local market.
The Petrotel refinery, located in Ploiești, has a processing capacity of around 2.4 million tons of crude oil per year but has not been modernized in recent years. Along with its network of 320 fuel stations across Romania, the refinery represents Lukoil’s key downstream operations in the country. Both assets are now subject to divestment as a result of sanctions that prohibit financial transactions with Russian oil companies and their subsidiaries.
The sanctions, announced on 22 October, introduce strict restrictions on Lukoil and Rosneft, effectively requiring them to sell their remaining European assets and halt all crude oil deliveries to the continent. Once the measures come into force on 21 November, any financial dealings involving Lukoil entities—including trade, transport, or banking transactions—could expose participants to secondary sanctions.
Romania’s Economy Minister, Radu Miruță, stated that discussions with the European Commission will follow to coordinate responses and align negotiations with Washington. Although Romanian authorities previously investigated Lukoil for alleged financial misconduct, prosecutors have since dropped the case, leaving international sanctions as the main obstacle to the company’s continued operations in the country.
So far, efforts to secure buyers for Lukoil’s Romanian downstream assets have been unsuccessful. A similar situation has occurred in Bulgaria, where attempts to arrange the sale of the larger and more modern Burgas refinery have also failed.
Globally, Lukoil and Rosneft together account for nearly two-thirds of Russia’s oil exports, placing both companies at the center of US efforts to limit Moscow’s energy revenues and reduce its influence in European energy markets.
