financetom
Business
financetom
/
Business
/
Bulgaria drafts law to help sale of US-sanctioned Russian-owned oil refinery, report says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Walgreens Boots Alliance Sells Cencora Shares for $1.1 Billion
Walgreens Boots Alliance Sells Cencora Shares for $1.1 Billion
Aug 2, 2024
05:01 AM EDT, 08/02/2024 (MT Newswires) -- Walgreens Boots Alliance ( WBA ) said late Thursday it sold all its remaining unencumbered shares of Cencora ( COR ) for proceeds of about $1.1 billion. The company said the sale includes $818 million of shares sold under Rule 144 and a concurrent $250 million share repurchase by Cencora ( COR )....
Occidental Petroleum Closes CrownRock Buyout
Occidental Petroleum Closes CrownRock Buyout
Aug 2, 2024
05:00 AM EDT, 08/02/2024 (MT Newswires) -- Occidental Petroleum ( OXY ) said late Thursday it has completed its acquisition of CrownRock. The deal, which was first announced in December 2023, was valued at approximately $12 billion. Price: 59.31, Change: -0.07, Percent Change: -0.12 ...
Cooper Companies' Business Unit Acquires Obp Surgical for $100 Million
Cooper Companies' Business Unit Acquires Obp Surgical for $100 Million
Aug 2, 2024
05:07 AM EDT, 08/02/2024 (MT Newswires) -- Cooper Companies ( COO ) said late Thursday its CooperSurgical unit acquired Obp Surgical, a US medical device firm, for about $100 million. Cooper Companies ( COO ) said the deal will likely be neutral to its non-GAAP earnings per share in fiscal 2024 but will turn accretive after the current fiscal year....
Nvidia Down Nearly 4% In Pre-Market Trading As DOJ Reportedly Launches Antitrust Probe Over Allegations Of Monopolistic Practices
Nvidia Down Nearly 4% In Pre-Market Trading As DOJ Reportedly Launches Antitrust Probe Over Allegations Of Monopolistic Practices
Aug 2, 2024
Nvidia Corp. ( NVDA ) stock fell nearly 4% in premarket trading on Friday amid reports of an antitrust investigation by the U.S. Department of Justice over allegations of monopolistic practices in the AI chip market. What Happened: The DOJ has commenced an inquiry into Nvidia ( NVDA ) following complaints from its competitors about potential misuse of its dominant...
Copyright 2023-2026 - www.financetom.com All Rights Reserved