Russian oil group Lukoil doesn’t plan to exit the Romanian market or change the management structure of its business here. The group doesn’t plan to sell the Petrotel refinery either, although it has received an offer to sell.

However Lukoil may be forced to close down its Romanian refinery if the local authorities maintain the seizure on its assets, said Lukoil’s vicepresident Thomas Mueller in a press conference, according to Russian news agency Itar TASS, reports local Agerpres.

The Romanian prosecutors have decided last week to seize some EUR 2 billion worth of Lukoil’s assets in Romania and abroad as they are investigating the Russian group for tax evasion and money laundering. They alleged that Lukoil has been moving money from their local company Petrotel Lukoil, which operates the Petrotel refinery in Ploiesti, to other group companies abroad, through various financial operations, thus decapitalizing the company and also damaging the state budget.

Lukoil’s representatives have rejected the accusations as groundless. They said they were willing to talk to the Romanian authorities and solve the situation. “This could all be a misunderstanding, so we are ready for dialog,” Mueller said.

He said that all major oil companies operate the same way and that Lukoil paid USD 6 billion taxes to Romania’s state budget so the tax evasion accusations were “manipulation”.

Lukoil’s owner, Russian-Azeri billionaire Vagit Alekperov has sent a letter to Romania’s President Klaus Iohannis asking a meeting with him to discuss “the delicate problems related to current activity” and “Lukoil’s long-term plans in Romania”, according to Digi 24 news station. Alekperov has informed Iohannis that his group’s Romanian subsidiary was on the brink of being closed and asked the President’s support for a transparent investigation.

Lukoil controls about 20% of the fuel market in Romania. The group operates the Petrotel refinery and 300 gas stations.

editor@romania-insider.com