All oil processing and refining needs at Lukoil Neftochim Burgas are covered until the end of March, and a delivery schedule for April has been prepared, the company’s special commercial manager Rumen Spetsov told MPs during a parliamentary hearing on March 10. The sitting addressed Bulgaria’s readiness to ensure sufficient fuel supplies for both households and industry amid disruptions caused by the blockade of the Strait of Hormuz.
Spetsov said there is currently no indication from suppliers that they will fail to fulfil April deliveries, although some delays are expected.
Rumen Spetsov explained that Lukoil Neftochim Burgaria operates on market principles. Since the appointment of the special manager, the Litasco holding structure no longer oversees the company. This means that within Bulgaria there are now four independent trading companies, each operating with its own budget and resources, buying and selling according to market principles to secure profits. The same applies to Lukoil Neftochim Burgas, he said.
Head of State Reserve, Assen Asenov: “Fuel stocks in Bulgaria are available and fit for use.”
Photos by BTA
He noted that this complicates the situation under the current force majeure circumstances.
“Over 800 vessels are currently blocked in the Strait of Hormuz, including 300 oil tankers, 300 carrying refined products, and the remainder transporting gas. This is causing serious disruptions on a global scale,” he explained.
He added that even if oil can be sourced at a favourable price, there is a risk that it cannot be transported—currently a threat as significant as the price of the fuel itself.
Rumen Spetsov emphasised that Lukoil Neftochim Burgas was designed to process Russian Urals crude. Following the imposition of sanctions against Russia, the inability to source this crude has significantly limited the refinery’s options for blending different types of oil to produce a mixture that allows the system to operate efficiently and deliver high-quality fuel. Currently, around six different crude types must be blended to approximate optimal system conditions and produce quality fuels.
“This requires diversifying sources, but the blending must follow a strict sequence, meaning that only crude suitable for processing by the refinery can be purchased,” he explained.
Spetsov added that this process comes at a high cost, as the system experiences faster wear than planned, drastically reducing the interval between scheduled maintenance.
“Despite these challenges, the deliveries planned for March will arrive, and quality fuel will be produced. For April, we will have to see how the situation develops and whether contracts can be fulfilled,” he summarised.
He also noted that fuel prices at Lukoil stations remain the lowest compared with other traders.
Source: BTA
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