Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Bulgaria to Gradually Ban Russian Oil Imports

Fri 29 Sep 2023 | 03:12 AM
Taarek Refaat

The Bulgarian Parliament has approved the decision to gradually ban Russian oil by October 1, 2024, Bulgarian media reported.

According to TASS, Russian oil is scheduled to be gradually abandoned, as the Lukoil refinery in the Bulgarian city of Burgas will be able to refine no more than 80% of Russian oil until December 31, 2023, then no more than 75% until March 31, 2024, and 50% until June 30, 2024, and 25% until the end of September 2024.

As of October 1, 2024, Lukoil will have to move to completely abandon Russian oil refining.

If the Russian company does not implement the terms of the decision, the Bulgarian government will transfer all of Lukoil's assets, including the refinery in Burgas, to the Bulgarian state administration and appoint a special director for it.

It is noteworthy that the European Union agreed last year to ban the import of Russian oil, with the exception of supplies of Russian oil to Bulgaria by sea until late 2024.

The Bulgarian Parliament discussed a long-term plan to abandon Russian oil, and adopted a draft law stipulating its abandonment within a period of 30 days, but the Parliament later reconsidered this, as Economy Minister Bogdan Bogdanov warned of a jump in fuel prices if the ban was implemented in short periods.