Tuesday, 02 January 2024 12:17 GMT

Bulgaria passes law to expand state powers on Lukoil’s operations


(MENAFN) The Bulgarian parliament approved legislation on Friday granting the state expanded powers over Lukoil’s operations, aiming to safeguard the country’s fuel supply amid risks tied to Russian sanctions, according to reports.

The National Assembly amended the Act on Administrative Regulation of Economic Activities Associated with Oil and Petroleum Products, increasing the authority of a special commercial administrator for critical infrastructure facilities. The changes were prompted by plans to appoint such an administrator for Lukoil’s Bulgarian subsidiary at its refinery in Burgas, the country’s second-largest Black Sea city.

The bill was supported by lawmakers from the Movement for Rights and Freedoms – New Beginning, GERB-UDF Is Such a People, and BSP-United Left parties. It first passed the National Assembly Energy Committee before moving to a full parliamentary session.

Stanislav Anastasov of MRF–New Beginning proposed holding a second reading immediately, while the Vazrazhdane party opposed the move, suggesting the removal of certain provisions.

The amendments will take effect on the day they are published in the State Gazette.

The legislation follows concerns that US sanctions on Lukoil OAO assets could force a shutdown of Bulgaria’s only oil refinery, Lukoil Neftochim, potentially disrupting the nation’s fuel supply.

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