Lukoil’s Petrotel refinery in Ploiești, Romania, is entering insolvency, as international sanctions continue to weigh on the Russian group’s European operations.
The refinery has remained shut since October 2025. Petrotel says insolvency will provide legal protection for the industrial asset while creating conditions for a potential restart.
The facility has a processing capacity of 2.4 million tonnes of crude per year, representing roughly 20% of Romania’s total refining capacity. Sanctions have complicated crude supplies, payments and relationships with contractors, with around 40 companies reportedly owed some €30 million.
The objective is therefore not necessarily liquidation, but keeping the refinery alive until sanctions are lifted, an exemption is secured or ownership changes.