Insolvency and restructuring steps for Petrotel
Lukoil has appointed Eugene Maniakhine to oversee the restructuring of its Petrotel refinery in Romania. The refinery entered insolvency proceedings in August 2026 after remaining offline since the previous year. The restructuring process is being handled under Romanian insolvency law. A restructuring plan is being prepared, with creditors consulted and asked to vote on the proposal, and court approval required where applicable.
Operational status and sanctions impact
The refinery has been out of service for technical work. It is also affected by US sanctions, which form part of the constraints tied to restarting operations. The process is intended to preserve industrial assets and technical expertise during the shutdown period. A return to production will depend on approval of the plan, operational readiness, and resolution of sanctions-related constraints.
Maniakhine’s role and responsibilities
Maniakhine is a Swiss citizen with previous Lukoil experience. He has served as Petrotel’s commercial manager since April. His responsibilities include developing an operating and financial programme that includes defined milestones and accountability. The appointment advances the restructuring process, subject to the plan’s approval and operational conditions.
