US EditionPublished • loading... • Updated
Bulgaria Moves to Seize, Sell Russian Energy Giant's Refinery Amid Sanctions Pressure
Bulgaria will appoint an external administrator to sell the Lukoil refinery, which supplies over two-thirds of its fuel, to avoid shortages amid U.S. sanctions on Russian oil firms.
- On Nov. 6, Bulgaria is preparing legislative amendments to seize the Lukoil Neftohim Burgas AD oil refinery and sell it to protect fuel supply from U.S. sanctions on Rosneft and Lukoil.
- Following Washington's Oct. 22 sanctions, Bulgaria suspended diesel and aviation fuel exports on Oct. 31 to EU markets to prevent shortages amid asset freezes and penalty threats.
- The Burgas refinery supplies more than two-thirds of Bulgaria's domestic fuel, and Bulgaria fully stopped importing Russian crude oil in March 2024, shifting to alternative sources.
- Appointing an external administrator would oversee the sale and limit Lukoil's legal challenges, as Lukoil loses voting rights under the proposal amid pressure on Russia's energy exports from U.S. sanctions and Ukraine's strikes on oil infrastructure.
- Industry data show Western refiners' profits rising amid disrupted Russian flows as Bloomberg reported Russia's seaborne crude shipments fell sharply in early November, boosting margins for ExxonMobil, Chevron, Shell, and TotalEnergies.
Insights by Ground AI
Podcasts & Opinions
15 Articles
15 Articles
intellinews.comReposted by 
Europe Says
Europe SaysBulgaria moves to seize Lukoil refinery to shield it from US sanctions
Bulgaria is preparing to take control of Russian oil company Lukoil’s Burgas refinery, the country’s only oil-processing facility, to protect it from US sanctions.
·Berlin, Germany
Read Full Article
Bulgaria is drafting changes to legislation that would allow it to take control of an oil refinery in Burgas, owned by the sanctions-hit Russian oil giant Lukoil, and sell it to a new owner to protect the plant from U.S. sanctions.
Bulgaria is preparing changes to the law that will allow it to take control of the Burgas refinery of Russian oil giant Lukoil, which is under sanctions, and sell it to a new owner to protect the facility from US sanctions, local media reported.
·Belgrade, Serbia
Read Full ArticleCoverage Details
Total News Sources15
Leaning Left6Leaning Right0Center2Last UpdatedBias Distribution75% Left
Bias Distribution
- 75% of the sources lean Left
75% Left
L 75%
C 25%
Factuality
To view factuality data please Upgrade to Premium
