The Petrolsub SA company, owner of the Petrolsub refinery in Western Romania, was declared bankrupt following a court decision on Thursday. The Bucharest Stock Exchange has been informed that creditors can submit requests to recover debts by April 24, 2007.

According to the Prime Transaction company, Petrolsub SA was established in 1990 following the reorganization of the communist-era Crisana Refinery. A significant shareholder in Petrolsub was SC Euro House 2000 SRL, a firm that according to various media reports was controlled by Virgil Magureanu, a former head of the Romanian Intelligence Service.