Bulgaria prepares to seize Lukoil plant: Russia’s hands are tied, – Reuters

In January 2025, Russian media reported that the plant in Burgas was valued at $2 billion.

Bulgaria is preparing legislative changes that would allow it to take control of and sell to another owner the Burgas oil refinery, which is owned by Russian oil giant Lukoil, Reuters reports .

The bill would allow a specially appointed manager to oversee the sale of the oil refinery, and its owner, Lukoil, would not have the right to vote or challenge the decision.

“There is logic to this, so we will submit a bill on a special administrator,” said Boyko Borisov, former prime minister and leader of the GERB party, which is part of Bulgaria’s coalition government, as quoted by state broadcaster BNT.

At the same time, the publication recalls that on October 30, Lukoil announced that international trader Gunvor would acquire its foreign assets, and the oil giant planned to sell the Burgas refinery. However, no buyers have yet been found for the facility. In January 2025, Russian media reported that the Burgas refinery was valued at $2 billion.

Earlier, Bulgarian President Rumen Radev vetoed the law regulating the terms of the sale of Lukoil assets. As the presidential press service noted, the Bulgarian leader disliked the provision requiring such transactions to be overseen by the State Agency for National Security and to obtain its written opinion on the permissibility of the asset sale. However, on November 6, the Bulgarian parliament overrode the presidential veto.

Lukoil’s Burgas refinery supplies up to 80% of Bulgaria’s fuel, with a capacity of 8.8 million tons. It also operates a network of approximately 500 gas stations across the country.

(C)UNIAN 2025