Court of Romania has banned Lukoil to liquidate Petrotel plant until November 1st

​The Court of Romania has banned Lukoil to liquidate or shut down one of the largest oil refinery plants in Romania Petrotel Lukoil until November 1st.

The Prosecutor’s Office of Ploesti on July 8th announced of the arrest of the assets of Lukoil’s affiliates for $2.2 bln in the framework of the investigation of the money laundering and tax evasion case. It is about the arrest of foreign accounts of Lukoil’s affiliates in the Netherlands - Petrotel Lukoil (owner of an oil refinery in Ploesti, Romania) and Lukoil Europa Holdings ( majority shareholder of Petrotel Lukoil). The company denies all the accusations and has appealed these accusations.

The decision of the Court followed the request of Prosecutors to initiate prevention measures in respect of Lukoil. It will be valid for 60 days, from September 3rd until November 1st 2015. The decision of the Court of Romania can be appealed.