Petrotel Lukoil refinery in Romania files for insolvency

Petrotel Lukoil, the Romanian refinery owned by the Russian group Lukoil, has confirmed it will enter insolvency proceedings. The decision follows the suspension of the refinery's operations in October 2025 due to US sanctions imposed by the Office of Foreign Assets Control (OFAC).

Company representatives stated that insolvency is the only measure available to protect the industrial asset, its employees, and its economic partners. The procedure is intended to provide a legal framework to stabilize commercial relations and facilitate the eventual restart of operations despite ongoing international restrictions.

The refinery, located in Ploiești, previously accounted for 21% of Romania's national fuel production. Management has emphasized that their priority is to retain the entire workforce, maintain relationships with Romanian suppliers, and preserve an asset critical to the country's energy security.