Petrotel Lukoil refinery enters insolvency proceedings

Overview

Management at the Petrotel Lukoil refinery in Romania has moved toward filing for insolvency to protect its assets and facilitate a potential restart of operations. The refinery, which represents approximately 21% of Romania’s total refining capacity, has been inactive since October 2025 due to technical maintenance, international sanctions, and difficulties securing crude oil supplies.

Internal documents indicated that the company viewed insolvency as a necessary measure to safeguard the business against creditor enforcement and provide breathing room to resume activity despite the embargo imposed by the U.S. Treasury’s Office of Foreign Assets Control (OFAC). Representatives stated the decision is the only available measure to protect the industrial asset, its employees, and its economic partners.

The Prahova Tribunal has officially admitted the request from Petrotel Lukoil SA to enter general insolvency proceedings under Law no. 85/2014. Dascăl Insolvency SPRL has been appointed as the provisional judicial administrator.

The court has established a strict timeline for the proceedings: the administrator must submit a report on the causes of insolvency by September 4, 2026, and creditors must register their claims by September 9, 2026. A creditors' meeting is scheduled for October 3, 2026. Under the court order, all judicial or extrajudicial actions for the recovery of debts against the company or its assets are currently suspended.

Entities

OFAC · Romania · Lukoil · Petrotel Lukoil · Ploiești

Timeline

1 day ago

[BUSINESS] 5 sources
Petrotel Lukoil enters insolvency proceedings for Ploiești refinery
The Prahova Tribunal has approved Petrotel Lukoil SA's request to enter general insolvency proceedings for its Ploiești refinery, appointing Dascăl Insolvency SPRL as the provisional administrator.
3 days ago

[BUSINESS] 4 sources
Petrotel Lukoil refinery in Romania files for insolvency
Petrotel Lukoil's Romanian refinery is entering insolvency to protect its assets and staff following US sanctions that halted operations in late 2025.
6 days ago

[BUSINESS] 2 sources
Petrotel Lukoil considers insolvency to protect assets
Petrotel Lukoil is considering insolvency proceedings to protect its assets and attempt to restart operations in Romania following prolonged shutdowns caused by international sanctions.

Sources

adevarul.ro · economedia.ro · jurnalul.ro · observatorulph.ro · puterea.ro · romania-insider.com · serbia-energy.eu · sibiu100.ro · trumedia.ro

This summary has been updated 1 time: see revision history