"Lukoil": We are not looking for a buyer for the refinery in Bourgas

"Lukoil” is not looking for a buyer for the refinery in Bourgas, the company-owner of the refinery, "Litasco”, said in response to media questions on October 18. The company is registered in Switzerland but is a subsidiary of Russia's Lukoil.

The announcement said the company was not negotiating with investors, had not received any offers for sale and had not hired a company to seek buyers for the Bourgas refinery.

Finance Minister Assen Vassilev was the first to talk about the possible sale of the company in an interview with the Financial Times. Then the information was commented in the Council of Ministers and by Prime Minister Nikolai Denkov.

“Litasco” specified that any intention to sell a company located in the territory of the European Union must first be approved between the counterparties and then the government of the country concerned must be notified.

The Bourgas refinery currently enjoys a derogation for imports of Russian oil until the end of next year, when it must switch entirely to alternative sources of oil. This authorisation was received from the European Commission.

At the end of the summer, the Bulgarian Parliament decided to cancel the concession of the terminal near Rosenets, where all the oil imported to the refinery passes through. The management of the terminal was transferred to a state-owned company.