In the preceding months, the Petrotel-Lukoil refinery entered insolvency after the Prahova Tribunal opened general proceedings, with Dascăl Insolvency SPRL appointed as provisional judicial administrator. The documents previously cited showed that the refinery had accumulated current debts of more than 936 million lei and that operations had been halted because of sanctions imposed against the backdrop of the war in Ukraine, which also led to an increase in debts to suppliers. According to the information published at the time, Petrotel requested entry into insolvency proceedings in order to protect its industrial activity.
Separately, the expanded oversight instituted by the Government in relation to Petrotel and other Lukoil entities was also described, in response to the economic effects of the sanctions. At the same time, the ECFR analysis recommended that Romania coordinate with other EU states to examine a possible sale of Petrotel, insisting that any transaction must comply with the conditions imposed by US sanctions (with a license allowing negotiations and conditional contracts until November 21, 2026, followed by a separate OFAC authorization for the sale).
