The bank had been interested in the Romanian oil industry since 1899, when it founded the Internaționala Română society in the Netherlands.

The refinery, located near the Ploiești–Vălenii de Munte rail line, was finished on 1 December 1905 and began production on 26 February 1906.

The transport of crude oil was initially done by carts and 300 tank wagons of which 246 were owned by Creditul Petrolifer.

While the damage sustained by Vega was significant, the refinery was not fully destroyed, which prompted the Germans to restart production in March 1917.

Also in 1940, a Mobilization and Passive Defense Service was established with the role of camouflaging the refinery and constructing bomb shelters for the workers.

[2] With America's declaration of war on Romania in 1942, and with the arrival of the Halverson Detachment equipped with B-24 bombers in Egypt, the refineries from Ploiești were targeted once again.

[4] Designated as target White 2 for the low-level raid code-named Operation Tidal Wave, the refinery was attacked on 1 August 1943 by the 376th and 93d Bomb Groups.

In the aftermath of the raid, damage sustained by Vega amounted to just 15%, which was quickly repaired and the refinery increased its production by September.