April 2016, Vol. 243, No. 4

Web Exclusive

Romania Discusses Black Sea Drilling with Russia's Lukoil

BUCHAREST, Romania (AP) — Romania’s energy minister has discussed a Russian-U.S.-Romanian drilling project in the Black Sea where more than 30 billion cubic meters (1,060 billion cubic feet) of natural gas have been discovered.

The office of Energy Minister Victor Grigorescu said Thursday that he met this week with Vladimir Nekrasov, a senior official with Russia’s Lukoil, to discuss the site some 170 kilometers (105 miles) off Romania’s coast.

Lukoil, Romanian company Romgaz and U.S. firm PanAtlantic Petroleum Ltd are partners in the project.

The officials also discussed other Lukoil business in Romania. Its general manager and six executives were put under investigation in July 2015 for exporting oil at sub-market prices, mainly to Lukoil companies abroad, causing tax losses of 410 million lei ($102 million) from 2011 to 2014. Lukoil denied wrongdoing.

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