Bulgarian President Rumen Radev (photo - EPA)

President of Bulgaria Rumen Radev vetoed the law on investment, which regulates the conditions for the possible sale of assets of the Russian company Lukoil in the country and was adopted by the Parliament october 24. About said the press service of the Bulgarian president.

Radev challenged the rule requiring such transactions to be supervised by the State National Security Agency and to obtain a written opinion from it on the permissibility of selling assets.

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"The adopted law makes the government functionally and operationally dependent on the State Agency for National Security, which is constitutionally unacceptable," the president said, returning the law to parliament for discussion.

Lukoil Neftochim Burgas, the largest refinery in Bulgaria, is capable of processing up to 10 million tons of oil annually and provides up to 80% of the country's fuel. Lukoil also operates 220 petrol stations, nine oil depots and a bunkering business for ships and aircraft in Bulgaria.

The decision of the Parliament was a key step towards the completion of the a long period of uncertainty regarding Bulgarian assets of the Russian oil giant. The sale process itself may take only a month, as, in accordance with US sanctions requirements (OFAC), countries with a stake in Lukoil's assets exceeding 50% must settle the ownership issue by November 21 this year.

on November 1, Politico reported that Bulgaria is considering the possibility of to apply for exemption from of new US sanctions against Russia's Lukoil.

  • At the end of October Lukoil announcedhas agreed to sell its large international network of oil wells, refineries and gas stations, as well as its trading portfolio to Gunvor Group. The terms of the deal were not disclosed.
  • In an interview with Bloomberg, Torbjörn Thornqvist, CEO and major owner of commodities trader Gunvor, said that he was not going to return Lukoil's foreign assets even after the sanctions are lifted. That is why Western regulators have there is no reason not to approve the deal.