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.