Lukoil Neftohim Burgas

Russian energy giant Lukoil has announced plans to sell its largest asset in the Balkans, the refinery in Burgas, Bulgaria, to a Qatari-British consortium by the end of the year, marking a significant shift in Moscow's influence over energy supplies in Southeastern Europe, as reported by the Financial Times.

In the first half of 2024, Western allies, including Bulgaria, the European Union and the United States, purchased around 2 billion dollars worth of oil products from Turkey that were refined from Russian crude oil, according to a report by the Center for the Study of Democracy (CSD) and the Center for Energy and Clean Air (CREA).

The National Customs Agency has launched a comprehensive inspection targeting Lukoil Neftohim Burgas, the Rosenets oil port, and over 50 tax warehouses across Bulgaria that are under restrictive measures due to Russia's invasion of Ukraine, as confirmed by the agency.

Azerbaijan's Ambassador to Bulgaria, Huseyn Huseynov, conveyed in an interview with "Euronews Bulgaria" that Azerbaijan remains receptive to considering the acquisition of Bulgaria's Lukoil Neftohim Burgas oil refinery. However, as of now, there has been no concrete proposal put forth for consideration, as stated by the Ambassador.

In a tumultuous parliamentary session marked by opposition discord, lawmakers aligned with the government advanced two pivotal energy-related changes in their initial reading. Despite disruptions, the vote successfully repealed the supplementary fee for transporting Russian gas through Bulgaria.

Bulgaria has witnessed the export of fuels amounting to approximately BGN 2.2 billion from January to August, as reported by "Capital," citing the National Statistical Institute. The primary exports consist of A95 gasoline, diesel shipments to Ukraine, and fuel oil, not on the prohibited list.

The power-sharing coalition comprising GERB-SDS and WCC-DB, supported by DPS, has agreed to terminate Bulgaria's exemption from the EU's ban on exporting derivatives from Russian oil by January 1, 2024, and end the exemption for Russian oil imports by March 1, 2024, as shared by Jordan Tzonev, Chair of the parliamentary Budget and Finance Committee.

Speculations are rife about the potential buyer for Lukoil Neftohim Burgas refinery, with Azerbaijani state oil company SOCAR emerging as the primary contender, as reported by Trud newspaper.

Lukoil has announced a strategic review of its Bulgarian ventures due to significant alterations in conditions. The private oil corporation indicated a potential sale of its business among various options being considered, as stated in their announcement on Tuesday.

Bulgaria's National Assembly cast a crucial vote, tallying 94-55 with 61 abstentions, dismissing a proposed bill by GERB-SDS's Delyan Dobrev. The bill aimed to swiftly rescind an exception allowing the processing of Russian-sourced oil, a move in response to an EU-issued ban.