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SOCAR Petroleum S.A. clarifies the issue of acquiring Lukoil's assets in Romania

19 November 2025 16:24 (UTC +04:00)

Any strategic decision regarding the acquisition of assets in Romania does not fall within the authority of SOCAR Petroleum S.A., SOCAR’s subsidiary operating in the country, said Ramin Aliyev, Director General of SOCAR Petroleum S.A. (SOCAR’s subsidiary in Romania), in an interview with “hotnews.ro” regarding whether SOCAR intends to acquire the assets of “Lukoil,” one of Russia’s major oil companies, in Romania, APA-Economics reports.

Note that SOCAR entered the Romanian market in 2011 through its subsidiary SOCAR Petroleum S.A. and is developing a network of fuel stations across the country.

“We take into account that the fuel distribution market will grow in Romania. This is a tendency based on the real needs of the market. SOCAR intends to grow faster than the market. Our goal is to reach a 6% market share, and we are working in this direction,” Ramin Aliyev noted.

He added that SOCAR Romania builds new fuel stations every year and is increasing investments in this area. The company currently has 87 stations, and next year the number will reach 100: “To achieve the strategic target, it is necessary to double the number of stations.”

According to Ramin Aliyev, Romania, with its population of 19 million, has only 2,500 fuel stations, whereas Bulgaria, with a population of 6.4 million, has more than 3,000 stations.

“Romania is an important transit region. For example, last year Austria had approximately 7.42 million registered vehicles. By the end of 2024, Romania has had about 11 million registered vehicles. Austria has around 2,800 fuel stations, while Romania has approximately 2,500. Romania has 32% more vehicles than Austria but 300 fewer fuel stations. The difference is clear, and we understand that there is great potential for growth,” the SOCAR representative added.

However, Ramin Aliyev left unanswered the question of whether the SOCAR group intends to acquire Lukoil’s assets in Romania.

“Our team presents an analysis of the market in which we operate to the SOCAR group, this is normal, but any strategic decision regarding the acquisition of new assets is beyond our authority, and therefore we cannot comment on it,” he said.

It should be added that in the field of petroleum products, the company “Lukoil” owns the “Petrotel” oil refinery located in the Romanian city of Ploiești. However, companies are only interested in purchasing fuel stations, as the refinery does not attract their interest — the reason being the outdated equipment and the fact that the plant requires large investments.

Recall that on October 22, the U.S. Department of the Treasury imposed sanctions on “Lukoil” and its subsidiaries in which it owns more than 50% of shares. All transactions with them must be completed by November 21. Meanwhile, on October 23, within the framework of the EU’s 19th sanctions package, restrictions were imposed on “Litasco Middle East DMCC”, Lukoil’s trading division located in Dubai.