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Romanian court prohibits Lukoil from liquidating Petrotel refinery - report

11:09 04/09/2015

MOSCOW, September 4 (RAPSI) – A court in Romania has decided that Russian oil company Lukoil cannot liquidate or shut down one of Romania’s largest refineries Petrotel Lukoil, before November 1, local media company Mediafax reported Friday, citing the court ruling.

On July 8, the Ploiesti prosecutor’s office announced the confiscation of $2.2 billion worth of assets held by Lukoil Group Holding, which is the owner of all of Lukoil’s assets in the EU, under a money laundering and tax evasion case. In particular, they seized the foreign accounts held in the Netherlands by Lukoil subsidiaries – Petrotel Lukoil, which owns the refinery in Ploiesti, and Lukoil Europa Holdings, the majority shareholder of Petrotel Lukoil.

Lukoil has denied all the charges and appealed to the European Commission to help solve a court case that threatens its operations in Europe.

The above court decision was taken upon the prosecutors’ request for preventive measures against Lukoil, Mediafax writes. It will be effective for 60 days, from September 3 to November 1. Lukoil can appeal the ruling.

In early August, Romanian media reported that the country’s prosecutors suspect Petrotel Lukoil of carrying out transactions with offshore companies controlled by individuals who are on the EU sanctions list.

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Romanian court prohibits Lukoil from liquidating Petrotel refinery - report

11:09 04/09/2015 A court in Romania has decided that Russian oil company Lukoil cannot liquidate or shut down one of Romania’s largest refineries Petrotel Lukoil, before November 1.
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