Photo: EPA

President of Bulgaria Rumen Radev has vetoed a law allowing for the introduction of external management at Lukoil's oil refinery in Burgas. About said the press service of the Bulgarian president.

The document amending the powers of the special manager of Lukoil Neftochim Burgas, the National Assembly (Parliament) of Bulgaria adopted on November 7.

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The President returned the law to the Parliament for a new discussion.

"The president believes that the changes to the law lead to the undermining of law and order in the country, contradict basic European legal norms and pose a high risk to public finances," Rudev's press service said in a statement.

The members of the ruling majority have already stated that they intend to override the veto.

Amendments to the law on regulating the circulation of oil and oil products in the country stipulate that a special manager will be appointed at the Burgas refinery, which will de facto prepare the plant for sale to non-Russian investors.

Lukoil will not receive any money from the sale – the funds will be frozen in a special account until Western sanctions are lifted.

on November 5, President Rumen Radev vetoed the law on investments, which regulates conditions of possible sale of Lukoil's Bulgarian assets, but the parliament overrode the veto by a majority.

  • Bulgarian authorities are trying to get rid of the Russian owner the country's only oil refinery from the end of 2023. 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 ship and aircraft bunkering business in Bulgaria.