Romania’s coalition government approved a decree on Tuesday enabling it to take control of the local assets of companies under international sanctions, such as Russia’s Lukoil.
Lukoil has 320 petrol stations in Romania, operates the country’s third-largest refinery and holds offshore exploration rights in a section of the Black Sea. The refinery, which accounts for about a quarter of Romania’s fuel supply, has been shut for maintenance for weeks.
Officials have said the European Union member state has sufficient reserves to avoid price spikes that could worsen inflation, currently the bloc’s highest.
Under the decree, the government can appoint special administrators to companies if sanctions distort economic sectors, trigger price surges or threaten energy security. Prior approval from Romania’s top defence council is required.
The measure is similar to legislation passed last month by EU neighbour Bulgaria to take over Lukoil’s Neftohim refinery, though it remains unclear if Romania will use the new powers.
Prime Minister Ilie Bolojan said the cabinet would decide in December whether to take over Lukoil’s local petrol stations.
In November, Energy Minister Bogdan Ivan said three companies were negotiating directly with Lukoil to buy its Romanian assets. The decree also allows Romania to take control of Lukoil’s exploration rights in the Trident section of the Black Sea.
Lukoil holds an 85 per cent stake in the Trident and Est Rapsodia blocks, with state-owned gas producer Romgaz holding a minority share. Lukoil’s exploration licence expires in the first half of 2026.
Two energy ministry sources told Reuters initial drilling results did not indicate significant gas finds.
(Reporting by Luiza Ilie. Editing by Mark Potter)
