Refineries in Croatia, Romania, Bulgaria and Serbia are becoming more important to regional fuel security as diesel supplies tighten and long-distance imports grow costly or unreliable. Dependable local production can reduce exposure to disrupted seaborne trade, including cargoes affected by Gulf disruptions, tanker shortages and higher insurance costs.
In Croatia, Rijeka has completed a nearly €700 million upgrade centred on a delayed coker, increasing diesel yield and crude flexibility. Romania’s Petrobrazi operated above 98% utilisation in the first nine months of 2026 and reached 100% in the third quarter.
Burgas says its diesel output exceeds Bulgarian domestic consumption, leaving a surplus for export. In Serbia, Pančevo has raised crude processing to support domestic supply amid a complex sanctions environment. The four refineries have different ownership and commercial strategies, but together make up a regional refining system.
Their throughput, maintenance schedules, feedstock access and diesel yields determine how much local supply is available before import requirements rise. Local refining also shortens supply chains for landlocked markets. An outage can redirect demand to neighbouring refineries and increase truck, rail or barge imports from another market.
Changes in utilisation and other operating measures can signal regional price pressure before it reaches consumers at the pump. Reliable output can limit exposure to disrupted seaborne product trade while crude deliveries and plant operations remain stable; unplanned outages could create sharp local product premiums.
Fourth-quarter 2026 refining margins remain supportive for well-supplied Southeast European refiners. The first quarter of 2027 is expected to continue favouring high-utilisation plants, although margins can normalise as global refinery runs recover.
