The Bulgarian government is in the process to take over the Neftohim Burgas oil-refiner owned by Lukoil following sanctions issued by the US. Lukoil management is barred from voting over the sale which will be managed and directed by the government according to Reuters.
The plant is currently being protected by anti-drone systems. The President of Bulgaria has vetoed the law but parliament can override the veto.
Meanwhile, Lukoil’s West Qurna-2 oil-field in Iraq has declared a “force majeure” as the government has frozen payments to the company. Oil deliveries from the oil plant have also been cancelled and operations have seized.
Lukoil needs to find buyers for its assets outside Russia after US sanctions. The US has also prevented Lukoil from selling its assets to Vladimir Putin’s friend and associate. Press reports state that there are plenty of foreign buyers who are interested in bidding for Lukoil’s assets.
Russian oil sales are declining significantly due to sanctions and Ukraine’s military campaign against the Russian oil industry. See here.
Featured image is the Neftohim Burgas in Bulgaria.
Newsroom
Leave a Reply