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There is interest in the sale of Lukoil refinery Bulgaria's Burgas

Photo: Lukoil Neftochim Burgas

The increased pressure of the Bulgarian government on the Russian companies operating in Bulgaria has caused Lukoil to start a procedure for the sale of its Burgas-based oil refinery, Bulgarian Finance Minister Assen Vassilev told the Financial Times. There are already "signs of interest" from a potential buyer. Only after the deal is completed will the profit tax for the refinery be reduced from 60% to 15%. 

The transition of production to non-Russian oil will cost around 500 ln euro, the publication writes.

Bulgaria's Prime Minister Nikolay Denkov has commented that it is not clear whether the expressed interest in the refinery will end with a purchase and everything depends on the owner Lukoil Bulgaria. "When it comes to such a large asset, there are quite a few stages before a successful final deal is reached," the prime minister added.

Lukoil Burgas is the largest Russian oil refinery in Southeast Europe. The company exports more than half of its production, with most of the diesel fuel going to Ukraine, the Financial Times specifies.

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