The RAFO refinery was originally built in the 1960s and originally operated as part of a large petrochemical complex in Romania. In the 1980s, a newer refinery was constructed at the site and RAFO was connected to a crude oil pipeline from Constanza.

Following its privatization in 2004, RAFO declared bankruptcy. In 2007, PCH acquired RAFO and the company underwent a judicial reorganization program.

PCH developed a plan to modernize RAFO with the intention of ceasing gasoline production and re-starting the production of petrochemicals using state-of-the-art technologies from existing equipment and leading international contractors.

PCH ultimately sold RAFO and legal proceedings in relation to this investment are ongoing before the International Centre for Settlement of Investment Disputes (World Bank).