Lukoil is preparing to sell its refinery in Bulgaria to a Qatari-British consortium
7.11.2024 - 12:52
The Russian company “Lukoil” plans to sell its largest asset in the Balkans – the “Lukoil Neftohim Burgas” refinery in Bulgaria by the end of this year.
The asset should be sold to a consortium with the Qatari company Oryx Global and the London trading house DL Hudson, Business Censor reports with reference to the FT.
The agreement, which should be completed by the end of the year, is another step in weakening Russia’s influence on the energy networks of the Balkans. After the start of a full-scale war in Ukraine in 2022, the European-wide ban on Russian oil significantly complicated Lukoil’s work in Bulgaria. In addition, the company was under pressure from the Bulgarian authorities, which imposed a 60% tax on refinery profits and limited the export of Russian oil products.
In addition to the change of owner, the refinery is planned to be modernized for the processing of lighter, non-Russian grades of oil, which will require an investment of 500 million euros.
As a reminder, since September 4, Bulgaria nationalized the Rosenets oil terminal. Previously, the port infrastructure belonged to the Russian company Lukoil.
