“Lukoil” will consider the issue of selling its business in Bulgaria
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The Russian oil company “Lukoil” is considering the possibility of selling its business in Bulgaria. This is reported on the company’s website. Lukoil in Bulgaria owns the Neftokhim refinery in Burgas, as well as a network of fuel warehouses and gas stations.
The statement says that the company will “review the strategy regarding assets” in the country. As the reason for this, she indicates a change in the conditions of implementation of her activity. According to Lukoil, the Bulgarian authorities approved “discriminatory laws” and adopted “prejudiced political decisions”. The statement says that the company, with the help of international consultants, will consider various options, including the sale of the business.
After the large-scale Russian invasion of Ukraine, the Bulgarian authorities are trying to reduce the country’s dependence on Russian fuel. Bulgaria no longer imports Russian gas, and the import of oil into the country is allowed until the end of 2024.
According to the Bulgarian Service of Radio Free Europe/Radio Liberty, Lukoil occupies a dominant position in the Bulgarian fuel market. For many years, she did not pay income tax. This became possible because she worked in Bulgaria through the Lytasco company, which bought crude oil from the Russian Lukoil and sold it to an oil refinery.
The parties of the Bulgarian ruling coalition claim that “Lukoil” owed the Bulgarian state about 500 million euros. They say that they are ready to stop importing Russian oil by the spring of 2024 if Lukoil does not repay the debt. The company denies his existence.
In July, Lukoil’s concession on the oil terminal in the port of Rosenets was terminated. The Russian company was also fined twice for abusing its dominant position in the market.
Shortly after the publication of the company’s statement on Tuesday, Bulgaria’s Finance Minister Asen Vasilev said that the authorities were monitoring Lukoil’s actions and that there was no danger of a fuel shortage in Bulgaria.
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