The Bulgarian parliament has voted in favour of ending Lukoil’s concession to operate the Rosenets oil terminal, reported Reuters.
Out of 240 parliamentarians, 144 supported the bill, which will now allow Lukoil to continue operating the oil terminal when the concession expires but pay fees to the Bulgarian Government.
Go deeper with GlobalData
According to the bill, the Russian oil and gas company’s concession will come to an end within a week.
Located near the port of Burgas, the Rosenets oil terminal is the only dedicated oil terminal on the Bulgarian Black Sea coast.
Since 2011, this terminal has been under Lukoil’s management through a 35-year concession granted to the Russian company.
See Also:
The terminal feeds Neftochim Burgas, the sole refinery in Bulgaria, which is owned by Lukoil and has a processing capacity of 196,000 barrels per day.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataA resolution that allows the government to run the refinery for up to a year was approved by the Bulgarian parliament in January this year.
In the proposal before the parliament, Bulgaria’s ruling parties argued that ending the concession would stop Russia from exploiting facilities in Bulgaria to fund its war in Ukraine.
With the move, the Bulgarian lawmakers hope to facilitate the country’s entry to the Schengen borderless area of the EU.
Meanwhile, the Lukoil Neftochim refinery intends to seek court protection from the parliament’s decision.
In May this year, Lukoil subsidiary LITASCO completed the sale of the Italy-based ISAB oil refinery to GOI Energy.
