Bulgarian Parliament approves takeover of Lukoil refinery

Bulgaria's parliament has passed legislation allowing the government to take control of the Lukoil refinery and sell it. The decision came after President Rumen Radev vetoed the regulation. Parliament rejected his objections by 128 votes to 59.

The measure is aimed at protecting the assets from US sanctions, which come into force on 21 November. The United States has imposed sanctions on Lukoil and Rosneft, Russia's two largest oil companies.

Bulgaria is concerned about the impact on winter fuel supplies because Lukoil operates a refinery in Burgas, hundreds of petrol stations and storage facilities. Lukoil has asked the Americans to extend the deadline to settle the liabilities and consider offers to sell its global assets.

Former Bulgarian Prime Minister Boyko Borisov has expressed optimism that Bulgaria will get an extension of the sanctions deadline as early as next week.

(reuters, sie)