In November 2024, Romania was ordered by the International Centre for Settlement of Investment Disputes (ICSID) to pay â¬85 million, plus interest, to Petrochemical Holding GmbH, an investment firm led by Austrian entrepreneur Iakov Goldovskiy. This ruling stems from Romania's failure to honor its commitments under the Energy Charter Treaty concerning foreign investment in the energy sector. Once a leading oil refinery, the facility has been idle, raising concerns over Romania's investment climate amidst allegations of corruption and inconsistent adherence to legal obligations.
In November 2024, ICSID ruled that Romania breached international obligations, awarding â¬85 million plus interest to investor Iakov Goldovskiy's company, Petrochemical Holding GmbH.
The plant, once a vital part of Romania's petrochemical industry, now stands idle amid a complex arbitration case highlighting Romania's challenges in attracting foreign investment.
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