Burgas refinery switches to oil from Kazakhstan, Iraq and Tunisia

published on 1/13/24 10:04 AM

Photo: Ani Petrova

According to the London Stock Exchange (LSE), in January Bulgaria replaced imports of Russian oil with imports from Kazakhstan, Iraq and Tunisia, reports BTA, citing Reuters.

Bulgaria has a derogation from the EU embargo against Russia, allowing it to import Russian oil by sea through 2024. But the country has restricted exports of all refined products produced from Russian crude from this month, making it almost impossible for its sole refinery Lukoil Neftochim Burgas to run on Russian oil, and has decided to stop all Russian crude imports from March.

Bulgaria was the fourth largest buyer of Russian oil by sea in 2023, with more than 100,000 barrels per day. The profitability of the plant is also affected by a 60% tax imposed by the Bulgarian government on the refinery's profits. The Russian company has already said that it is considering selling its assets in Bulgaria. Reuters notes that Lukoil and the Bulgarian Economy Ministry did not respond to requests for comment on the information.

Bulgaria can take over operation of Russian company Lukoil's Neftochim Burgas refinery for up to a year, lawmakers decided on Friday in a vote aimed at protecting critical infrastructure and ensuring fuel supplies for the Balkan country. In doing so, Sofia is paving the way to take control of Lukoil's oil refinery if necessary, comments Reuters.

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Burgas refinery switches to oil from Kazakhstan, Iraq and Tunisia

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