Petrotel Refinery, located in Ploiesti, was purchased by LUKOIL oil company in 1998, after it was placed on the privatization list by the Romanian Government; thus, on the 12th of June 1998 the refinery changed its name to "S.C. PETROTEL-LUKOIL S.A.".

During 2002-2004 the first stage of a complex modernization and reconstruction process was completed. The goal of this process was to carry out a technological upgrade in order to ensure refined products that meet the EURO 3 and EURO 4 quality standards now in effect in Romania.

The refinery reconstruction plan also provided for modernization of 18 technological units including their auxiliary structures, building 3 technological plants and automation of the technological process control system. S.C. PETROTEL – LUKOIL S.A. cooperated with the leading companies in the field, like: UOP (UK), Exxon-Mobil (USA), Linde (France), Hаldor Тоpsoe (Denmark), НPВ HIМТЕХ and Energo-Service (Russia) etc.

The chief designer of reconstruction was IPIP Design Institute - Ploiesti and the general contractors were INSPET and Valgab Invest. The reconstruction process made possible for Petrotel – LUKOIL to become one of the leading companies in the petroleum industry, the depth of crude oil processing being significantly increased, which resulted in a higher quality of the finished products, and a considerable reduction of the atmospheric emissions.

PETROTEL-LUKOIL produces and markets, both in Romania and for export destinations, products that meet the EURO 5 standards, namely:

 - SUPER EUROLUK COR 98
 - EUROLUK COR 95
 - Diesel EURO 5 with a sulfur content of max. 10 ppm :
 - LPG;
 - PROPYLENE.

In 2005 a process of receiving an integrated environment protection authorization has begun, in accordance with Directive 96/61/CE and Government Emergency Ordinance 152/2005 regarding the prevention and integrated control of pollution, which reached its completion in October 2007. Within the framework of this process we would like to point out a step-by-step plan of actions with the deadline in 2014 to ensure a full compliance of the refinery with the European requirements in the field (B.A.T.).

The creation of the Social program service, a Training center and a Public relations office allowed the refinery to carry out actions to the benefit of the refinery employees, aimed at increasing the standard of living, the performance level, as well as facilitated a better communication between them and the refinery management.