Business Forum • 12 February, 2026 at 7:14 AM
The Romanian Ministry of Energy has initiated a draft government decision to place all local entities owned by the Russian group Lukoil under extended supervision and proposed Ion-Bogdan Bugheanu as the special supervisor to oversee these operations.
The supervision encompasses four major entities: Lukoil România, which is 100% owned by Litasco Switzerland; Petrotel-Lukoil, where Litasco Switzerland holds 99.76%; Lukoil Lubricants East Europe, owned by Lukoil International and Lukoil Overseas Atash (Bucharest Branch).
Lukoil controls approximately 23% of the domestic petroleum products market. The Petrotel refinery and Lukoil's distribution network of 321 filling stations represent 18% of Romania's mandatory emergency oil storage. The draft document warned that a shutdown of these assets could lead to regional fuel shortages and price volatility.
The oversight also addresses critical offshore interests. Lukoil Overseas Atash is the majority shareholder and operator of the Trident offshore gas block in the Black Sea, in partnership with the state-owned gas producer Romgaz.
The government noted that this association creates significant "geopolitical and operational exposure" for the Romanian state, necessitating direct oversight to ensure the diversification of energy sources.
“Extended supervision represents more than just a measure of economic and legal control; it is also a social protection measure, having direct effects on employees in the refining, distribution, and logistics sectors, as well as on the social development prospects generated by the Trident offshore block,” according to the draft decision.
The measure is taken in response to US Office of Foreign Assets Control (OFAC) actions. Key deadlines include 28 February 2026, when the license for transactions related to the sale of international Lukoil assets expires, and 29 April 2026, marking the end of the license for retail station transactions outside Russia.
The extended supervision mechanism allows for the verification of external transactions and financial flows to ensure no funds are used to support sanctioned entities. This measure also protects the stability of approximately 25% of the volumes handled by Oil Terminal and 40% of those transported by Conpet.
In late January, Lukoil signed an agreement with US investment firm Carlyle for the sale of Lukoil International.