The court appointed Casa de Insolventa Ionescu si Sava SPRL as temporary judicial liquidator.
Early October, the company’s shareholders approved plans to enter to enter insolvency procedures. At the request of creditor Piraeus Bank Romania, the company’s building located in Bucharest, on Unirii Blvd, no. 72, was foreclosed.
Petrolimportexport was established in 1948, as an anonymous joint-stock company, and on January 1, 1991, it became a joint-stock company for the import and export of oil products. Until 1997, it had monopoly over crude oil imports and oil product exports fro Romanian refineries.
It was privatized in 2000 and is 76.7% held by Laird Resources LTD, while private shareholders own 23.3%.