Bucharest: SOCAR Petroleum S.A. has addressed speculation regarding the potential acquisition of Lukoil’s assets in Romania. Ramin Aliyev, Director General of SOCAR Petroleum S.A., clarified in an interview with ‘hotnews.ro’ that strategic decisions about acquiring assets in Romania lie outside the authority of SOCAR’s subsidiary operating in the country, as reported by APA-Economics.

According to Azeri-Press News Agency, SOCAR entered the Romanian market in 2011 through its subsidiary, SOCAR Petroleum S.A., and has been actively expanding its network of fuel stations. Aliyev emphasized the company’s ambition to capture a 6% market share, driven by the expectation of growth in Romania’s fuel distribution market. To achieve this, SOCAR plans to increase its number of fuel stations from the current 87 to 100 by next year, aiming to eventually double the figure.

Aliyev highlighted the disparity in the number of fuel stations between Romania and neighboring countries. Despite Romania’s population of 19 million and approximately 11 million registered vehicles, the country only has around 2,500 fuel stations. In contrast, Bulgaria, with a smaller population, boasts over 3,000 stations. This indicates significant potential for growth in Romania.

When questioned about the possibility of acquiring Lukoil’s assets, particularly the ‘Petrotel’ oil refinery in Ploie?ti, Aliyev did not provide a definitive answer. He noted that while SOCAR’s team analyzes market conditions, any decisions regarding asset acquisitions are beyond their purview.

It is noteworthy that Lukoil’s ‘Petrotel’ refinery is not a target for acquisition due to outdated equipment and the substantial investments required for modernization. Furthermore, Lukoil and its subsidiaries were recently subjected to sanctions by the U.S. Department of the Treasury and the EU, adding another layer of complexity to any potential transactions involving the company.