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2h ago

Bulgaria Puts Lukoil’s Burgas Refinery Under State Oversight as UK Grants Temporary License

Sofia acts to keep the plant operating before U.S. sanctions take effect next week.

A parliamentary vote authorised the government to seize Lukoil's assets in the country

Overview

  • The cabinet named National Revenue Agency chief Rumen Spetsov as special administrator to run Lukoil’s Bulgarian assets and prepare a potential sale subject to government approval.
  • An emergency law that took effect on Nov. 14 enables external management of the refinery and shields the administrator’s decisions from court challenges.
  • The UK sanctions office issued a general license covering Lukoil Bulgaria and Lukoil Neftochim Burgas through Feb. 14, 2026, allowing commercial transactions with UK banks and companies.
  • Officials said they are seeking a U.S. OFAC license to keep operations going once sanctions on Lukoil take effect on Nov. 21 after Washington’s measures against Russia’s oil sector.
  • President Rumen Radev criticized the law as a risk to the rule of law and public finances, Moscow’s envoy likened it to expropriation, and lawmakers also limited fuel exports to protect domestic supply.