Lukoil has appointed Eugene Maniakhine to oversee the restructuring of its Petrotel refinery in Romania. The facility entered insolvency proceedings in August 2026 after remaining offline since the previous year. The restructuring process is being handled under Romanian insolvency law.
Insolvency process and restructuring plan
A restructuring plan is being prepared as part of the insolvency proceedings. Creditors will be consulted and asked to vote on the proposal, with court approval required where applicable. The process is intended to preserve industrial assets and technical expertise associated with the refinery.
The refinery has been out of service for technical work. It is also affected by US sanctions. These factors are relevant to the conditions under which operations could resume. A return to production will depend on approval of the plan, operational readiness, and resolution of sanctions-related constraints.
Role of Maniakhine at Petrotel
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 with defined milestones and accountability. The appointment advances the restructuring process within the insolvency framework.
