Bulgaria Moves to Secure Burgas Oil Refinery Amid Sanctions

Bulgaria plans to legally seize control of Lukoil's Burgas refinery to safeguard it from sanctions. The move would see a special manager oversee its sale. This comes as U.S. and Britain impose sanctions, pressuring Lukoil to offload certain assets, including its key Bulgarian refinery.

Bulgaria is preparing to introduce legal measures that would allow the government to take control of Lukoil's Burgas refinery, a strategic asset in the country's oil industry, in response to international sanctions against Russia. The government's initiative aims to protect the refinery from U.S. sanctions by appointing a special manager to oversee its sale to a new owner.

The draft legislation, which Bulgarian media outlet Mediapool reported, proposes appointing a special manager who would have the authority to manage the sale process of the Burgas refinery. This comes after Lukoil, a major Russian oil company, faced increasing pressure due to Western sanctions related to Moscow's actions in Ukraine.

The decision underscores Bulgaria's need to ensure energy security and mitigate potential supply crises. Martin Vladimirov, an expert from the Center for the Study of Democracy, supports the move, noting its importance in preventing further sanctions' impacts. The Burgas refinery's future remains uncertain as Lukoil negotiates the sale of its foreign assets, including Bulgaria's key oil facility, to Gunvor, a global commodity trading house.

(With inputs from agencies.)