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Bulgarian Government Could Take Over Lukoil Refinery If Needed

OIL

The Bulgarian government voted it can take over operations of Lukoil’s Neftochim Burgas refinery for up to one year to ensure fuel supplies according to Reuters.

  • The Bulgarian economy minister can appoint a special trade representative to take operational control of the refinery if there is a threat to national security or to the supply of critical resources.
  • Under the EU exemption, the refinery cannot export fuels or oil products from 5 Feb with exception of deliveries to Ukraine. The refinery can also export by-products that cannot be safely stored in Bulgaria and could pose an environmental hazard.
  • Lukoil Neftochim has previously said it could be forced to shut down if it cannot export its output.
  • The 196kbpd refinery has switched to processing only Russian crude after the country was granted an the exemption.
Energy BulletsCommodities
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