Lukoil analyzes potential sale of Bulgarian operations
Published on: Dec 6, 2023
The company owns the only refinery in the country as well as a fuel retail network of 220 locations nationwide.
Lukoil has announced it will review its assets in Bulgaria after “a significant change in the operating conditions” of its business in the country.
The company is currently analyzing various options alongside international consultants, including the potential sale of its business. This strategy is a consequence of the Bulgarian state banning Russian oil imports starting next March, as a consequence of the country’s invasion of Ukraine.
The decision came after being actively investing in the development of its assets in the nation for over 20 years. Lukoil has established a local fuel retail network consisting of 220 petrol stations and 9 oil depots.
“Lukoil will inform the country's authorities and the Lukoil Syndicate of Bulgarian Petrochemists about further company actions with respect to assets in Bulgaria,” the company stated in a press release.
In addition, Lukoil owns the country’s only refinery and has invested over USD 3.4 billion to turn it into “one of the most environmentally efficient and technologically advanced refineries in Europe.”
The company has described the country’s decision as approving “discriminatory laws” and continuing “other unfair, biased political decisions.”
