Lukoil stops renewable investments in Romania and Bulgaria

Russia’s oil group OAO Lukoil could refocus on Russia for the future projects in the area of renewable energy, in conditions in which its divisions from Bulgaria and Romania suffer from the authorities’ decision to cut subsidies for renewable energy, Bloomberg reported. However, Lukoil expects to conclude in May the financing agreements for the two projects currently developed in Romania. “The company has decided to stop its long-term investments in renewable projects in Eastern Europe”, Lukoil-Ecoenergo Deputy General Manager Maxim Karnaukhov stated on Tuesday. “Unfortunately, currently the support schemes for renewable energy are reviewed in some countries, which affects the investment environment”, Karnaukhov also said.

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