Interim EconMin on Petrotel Lukoil: Insolvency - crossroads leading to solutions or negative scenarios

Interim Minister of Economy, Digitalisation, Entrepreneurship and Tourism Irineu Darau says that Petrotel Lukoil's insolvency is "a crossroads" which, over time, may lead to many different solutions, but acknowledges that it could also lead to negative scenarios."I also believe that, in certain situations, insolvency may be the only solution. Insolvency ultimately means a kind of crossroads lasting several years, which may lead either to a healthy restoration of the company's operations or to a negative scenario. From this point onwards, it also depends on the judicial administrator and on what plans they draw up, but I believe that, in the short to medium term, it can indeed provide a form of protection, if you like, in that, even with operations currently suspended, the employees and certain assets are protected for a period of time. (...) Insolvency is a crossroads which, over time, can lead to many different solutions. Of course, any insolvency can also lead to negative scenarios, but there are multiple ways in which a company can eventually emerge from insolvency, whether with the same shareholders or different shareholders. That remains to be seen," the minister said on Friday at a press conference in Ploiesti.He said that this is an atypical case and stressed that solutions must be sought for the situation at Petrotel Lukoil Ploiesti."You know that this is an atypical case, you know how operations were halted, there were certain reasons, I do not know exactly why operations were not subsequently resumed, but I hope that, after a period under this insolvency procedure, solutions will be found and that we will not end up with a negative scenario. But I would also stress one thing, because we have other cases at the Ministry of Economy, from Mangalia, if you like, to several other state-owned companies. Once a company enters insolvency, on the other hand, the state and the shareholders lose their influence over the company. So this needs to be understood, because I have often seen that, when companies are in insolvency, there is a desire for the state to intervene or make decisions as if it were the manager of that company, which is not the case. But this particular issue is indeed an important strategic one, because, as you know, a significant share, 21% if I remember correctly, of the fuel consumed in Romania came through this channel. This channel has no longer existed since October 2025," Irineu Darau said.He said there was no intervention in the private market that could be undertaken in such a context.The Prahova Tribunal ordered on Wednesday that general insolvency proceedings be opened against Petrotel Lukoil, with the case having been registered with the court two days earlier.