• 20/07/2024 12:41

Bulgaria stops importing oil from Russia

Bulgaria will stop importing Russian oil from Friday, thus ending ahead of schedule the exemption from the ban on the import of this energy resource from Russia until the end of 2024. This is reported by the EFE agency, writes Interfax-Ukraine.

Bulgaria stops importing oil from Russia

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On Friday, the decision of the Bulgarian parliament, adopted at the end of 2023, came into force. According to it, a schedule was approved providing for a reduction in imports by half from January 1, then to 25% from February 1, as well as a complete stop from March 1.

Bulgaria and a number of other EU countries were exempted by Brussels from the ban for oil imports from the Russian Federation until the end of 2024. However, the government of the republic decided to abandon Russian raw materials ahead of schedule.

The only oil refinery in Bulgaria belongs to Lukoil, which began operating in the country in October 1999. The capacity of the plant in Burgas is 8.8 million tons. The company also operates a network of more than 500 gas stations in the country.

Bulgaria recently introduced a 60% profit tax for the Burgas refinery, which will be reduced to 15% only after the sale of the asset. Also, the enterprise should be modernized for 500 million euros so that the plant can process lighter – non-Russian – grades of oil.

Lukoil has already announced that it has begun work on revising the strategy of the group’s enterprises in the territory Bulgaria, given the significant change in conditions.

“Various options will be analyzed with the involvement of international consultants, including the sale of the business,” the company said.

minfin.com.ua

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