Lukoil appoints special manager at Romanian refinery Petrotel, under insolvency proceedings

Petrotel, whose operations have been suspended for technical works since last year and which is subject to US sanctions, entered insolvency proceedings at its own request in August. Maniakhine has served as Petrotel’s commercial manager since April, Economedia.ro reported.

Maniakhine will play a role in the company’s reorganisation process. His mandate is aimed at protecting the refinery’s assets and industrial capacity, preserving the necessary expertise and preparing the conditions for a resumption of operations.

“My vision is for Petrotel to remain a viable industrial asset for Romania: a safe refinery, with protected facilities, with its specialists by its side and with a credible path to resuming activity. The reorganisation must preserve the value built here and transform it into a sustainable solution for employees, partners, creditors and the Romanian economy,” Maniakhine told Mediafax.

The reorganisation plan is being developed and will go through the stages required under insolvency legislation, including consultation with and voting by creditors and, where applicable, court confirmation.

“My immediate mission is to transform the reorganisation architecture into an executable plan, built on verified data, clear responsibilities and trackable milestones,” Maniakhine said.