How Bulgaria wants to sell the Russian-owned refinery faster, after Lukoil came under US sanctions

Bulgaria's ruling party plans to propose a law that would allow a special administrator, if appointed, to oversee the sale of the Burgas oil refinery owned by US-sanctioned Russian oil company Lukoil, local media reported on Wednesday, according to Reuters.

The draft law, consulted by the Bulgarian publication Mediapool, would change the rights of a special administrator to be able to sell the assets, a sale on which the legal owner of the refinery would not have the right to vote or appeal.

Last month, the US and Britain imposed sanctions on Russia's two biggest oil companies, Lukoil and Rosneft, over Moscow's war in Ukraine, sanctions that complicate how they conduct their operations.

Bulgaria has confirmed that the Burgas refinery and several other subsidiaries of the Lukoil group will fall under the latest sanctions imposed by the US.

The government in Sofia announced that it is in contact with US institutions to ensure that the refinery, with a capacity of 190,000 barrels per day, can continue to operate.

Boiko Borisov, former prime minister and leader of the GERB party, which leads Bulgaria's coalition government, said the special administrator law would be introduced on Wednesday.

“It's very logical, that's why today we will present a bill on the special governor,” Borissov said, according to public television station BNT.

Lukoil is struggling to keep operations running at its sprawling overseas subsidiaries as Western sanctions disrupt oil shipments.

The US Treasury issued a license giving the companies until November 21 to complete any transactions with Lukoil.