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Bulgaria Edges Towards Ending Russian Oil Imports

OIL
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Bulgaria may in March end the EU exemption allowing it to continue receiving Russian oil, bringing them in line with other nations in the bloc.

  • Bulgaria was issued the exemption last year because of a lack of supply options for its Lukoil refinery in the Black Sea city of Burgas.
  • Bulgaria’s ruling coalition members reached the deal to end the imports, but it still needs approved by parliament.
  • The refinery is setup for Russian Urals which could be replaced by Kazakh supplies, but they are now in high demand.
  • “In order to move to non-Black Sea oil, the actual storage capacity needs to be increased substantially — maybe doubled — so that the refinery can work 20, 30 days potentially without a tanker coming in.” Finance Minister Assen Vassilev said.
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Bulgaria may in March end the EU exemption allowing it to continue receiving Russian oil, bringing them in line with other nations in the bloc.

  • Bulgaria was issued the exemption last year because of a lack of supply options for its Lukoil refinery in the Black Sea city of Burgas.
  • Bulgaria’s ruling coalition members reached the deal to end the imports, but it still needs approved by parliament.
  • The refinery is setup for Russian Urals which could be replaced by Kazakh supplies, but they are now in high demand.
  • “In order to move to non-Black Sea oil, the actual storage capacity needs to be increased substantially — maybe doubled — so that the refinery can work 20, 30 days potentially without a tanker coming in.” Finance Minister Assen Vassilev said.