Bulgaria allows Russian oil refineries to continue operating

Fly Of Swallow Studio/Shutterstock.com

The country plans to continue operating and exporting oil products to the EU until 2024, despite the ban on Russia

Bulgaria has announced that it will allow an oil refinery in the Black sea, owned by a Russian oil company to operate despite warning by Brussels. According to a report by Associated Press, the country has also decided to allow the Russian company to export oil products into the European Union until the end of 2024.  

“We achieved something very important: from January 1, 2023, Lukoil will transfer all production, revenues and taxes to be paid in Bulgaria, and not, as it was before, in the Netherlands or Switzerland”, said, Hristo Alexiev, Bulgarian Deputy Prime Minister.  

The report states, this deal between Bulgaria and Russian oil company Lukoil will give an additional boost of 350 million euros to the Bulgarian government. The deal will also benefits Lukoil as it would partly avoid future embargo EU plans to impose on Russian oil products.  

This refinery, the report adds, is the main source of petrol and diesel for Bulgaria, although, half of its production is for export. It also contributes over 9% to the country´s economy and generates thousands of jobs.

Thank you for taking the time to read this article, do remember to come back and check out the EuroNews247 website for all your up-to-date European news stories.