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Bulgaria drafts law to help sale of US-sanctioned Russian-owned oil refinery, report says
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Bulgaria drafts law to help sale of US-sanctioned Russian-owned oil refinery, report says
Nov 5, 2025 6:58 AM

SOFIA, Nov 5 (Reuters) - Bulgaria's ruling party plans

to propose legislation to enable a special manager, if

appointed, to oversee the sale of the Burgas oil refinery, owned

by U.S. sanctioned Russian oil company Lukoil, local media

reported on Wednesday

The draft document, seen and reported by Bulgarian outlet

Mediapool, would amend the rights of a special manager to be

able to sell the asset, which the refinery's legal owner would

have no right to vote on or appeal against.

The U.S. and Britain last month imposed sanctions on

Russia's two biggest oil companies, Lukoil and

Rosneft, over Moscow's war in Ukraine, complicating

how they carry out their operations.

Bulgaria has confirmed that the Burgas refinery, and several

other subsidiaries of the Lukoil group, would fall under the

latest U.S. sanctions.

The government said it was in contact with U.S. institutions

to ensure the 190,000-barrel-per-day refinery can continue

operating.

Boyko Borissov, former prime minister and leader of the GERB

party - which heads Bulgaria's coalition government - said that

a special manager law would be introduced later on Wednesday.

"There is a lot of logic in this, which is why today we will

submit a draft law on the special governor," public broadcaster

BNT quoted Borissov as saying.

Lukoil is struggling to keep operations running at its

sprawling foreign businesses as Western sanctions disrupt oil

loadings in Iraq, pump stations in Finland and trading in

Switzerland, according to sources.

The U.S. Treasury issued a licence giving companies until

November 21 to wind down any transactions with Lukoil.

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