By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
The Democrat NewsThe Democrat NewsThe Democrat News
0

No products in the cart.

Notification Show More
Font ResizerAa
  • Energy
  • Sports
Reading: Russia’s Lukoil seeks $2 billion from the sale of its Bulgarian refinery.
Share
Font ResizerAa
The Democrat NewsThe Democrat News
0
  • Energy
  • Sports
Search
  • Home
  • Categories
  • Customize Interests
  • My Bookmarks
  • Blog View
Have an existing account? Sign In
Follow US
The Democrat News > Blog > Uncategorized > Russia’s Lukoil seeks $2 billion from the sale of its Bulgarian refinery.
Uncategorized

Russia’s Lukoil seeks $2 billion from the sale of its Bulgarian refinery.

Esther Udoh
Last updated: February 3, 2025 10:00 pm
Esther Udoh
Published February 3, 2025
Share
SHARE

Russia’s second-largest oil producer, Lukoil, is planning to generate approximately $2 billion from the sale of its Burgas oil refinery in Bulgaria, according to a report by the RIA news agency. The report, which was released late on Thursday, cites statements made by Bulgaria’s Prime Minister, Rosen Zhelyazkov.

When approached for clarification or comment on the matter, Lukoil did not provide an immediate response.The company has been facing increasing pressure to divest from the 190,000-barrels-per-day (bpd) refinery due to ongoing international sanctions imposed on Russia as a result of the conflict in Ukraine.

Bulgaria has taken steps to reduce its reliance on Russian oil, ceasing imports of Russian crude and implementing strict regulations on the export of refined products derived from Russian crude at its only refinery. Additionally, the Bulgarian government has introduced a significant tax measure, imposing a 60% levy on the refinery’s profits.

Lukoil has acknowledged that it is reassessing its strategic approach concerning its assets in Bulgaria. In November, Litasco, the company’s trading division, announced that it was working alongside independent advisors to explore various options, including potential deals with several established market participants.

In 2023, Bulgaria ranked as the fourth-largest purchaser of seaborne Russian oil, acquiring more than 100,000 barrels per day.More recently, Kazakhstan’s state-owned oil and gas company, KazMunayGaz, disclosed that Lukoil had extended an invitation for it to participate in the tender process to acquire the Burgas refinery. Additionally, Hungarian oil and gas conglomerate MOL has confirmed its submission of a bid for the facility.

Hungarian Prime Minister Viktor Orban has stated that MOL is among seven companies vying for ownership of the refinery.

You Might Also Like

DONE DEAL! Eric Dier Completes Move to AS Monaco

Nigeria makes the final shortlist of National Team of the Year (Men) award for the 2024 CAF Awards

PETROAN Advocates for Increased Local Sourcing of Petroleum Products

David Moyes Returns to Everton As The New Coach

Chidera Ejuke Becomes First Nigerian to Score for Sevilla

TAGGED:DownstreamOil and gas
Share This Article
Facebook Email Print
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




Follow US

Find US on Social Medias
FacebookLike
XFollow
YoutubeSubscribe
TelegramFollow

Weekly Newsletter

Subscribe to our newsletter to get our newest articles instantly!
Popular News
Galatasaray Issues Negative Injury Update on Victor Osimhen, Doubtful for Nigeria's AFCON Qualifiers
Uncategorized

Galatasaray Issues Negative Injury Update on Victor Osimhen, Doubtful for Nigeria’s AFCON Qualifiers

Fakayejo Paul
Fakayejo Paul
October 4, 2024
Wirtz Injury Adds to Bayer Leverkusen’s Woes After Home Defeat to Werder Bremen
Barcelona Eyes Wojciech Szczesny Comeback to Replace Injured ter Stegen
Jorginho Seals Free Transfer to Flamengo
PETROAN Advocates for Increased Local Sourcing of Petroleum Products
- Advertisement -
Ad imageAd image
Global Coronavirus Cases

Confirmed

0

Death

0

More Information:Covid-19 Statistics

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

© Foxiz News Network. Ruby Design Company. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?