State Oil Company of the Republic of Azerbaijan (SOCAR) is interested in buying up Lukoil’s Bulgarian business, APA-Economics reports citing Euractiv.
While interest comes from two US-based investment funds and two smaller oil companies, the most interested is SOCAR.
Russian oil company Lukoil is considering all possible options for the future of its Bulgarian business, including the sale of the Balkans’ largest refinery, Neftochim Burgas, and its vast network of petrol stations and oil depots in the country, the Russian company announced on Tuesday.
With 220 gas stations and nine oil bases in Bulgaria, Lukoil currently holds a dominant position in producing and storing petroleum fuels as the region’s key jet fuel supplier.
“Given the significant change in the conditions for functioning, with the help of international consultants, various options will be analysed, including the sale of the business,” it said.
About two weeks ago, Lukoil Neftochim Burgas warned that the cancellation of the new quotas for the export of petroleum products that cannot be placed on the Bulgarian market from 1 January 2024 is effectively tantamount to the cancellation of the exemption from December 2023.