BRUSSELS, November 1. /TASS/. Bulgaria is exploring requesting an exemption to new US sanctions against Russian oil major Lukoil, the European publication Politico reported citing sources.
According to the publication, the government has already asked the US to clarify the country's course of action after November 21, when the sanctions go into full effect.
The Bulgarian authorities are concerned that restrictions could lead to the shutdown of the Russian company's Burgas refinery due to banks refusing to work with it, which could trigger fuel shortages and protests.
Former Bulgarian environment minister Julian Popov believes the government is "not properly prepared" and has "no contingency plan" for Lukoil’s exit, making fuel shortages likely unless a solution is found.
On October 22, the US Department of the Treasury added Lukoil and its subsidiaries to a new package of American sanctions. In mid-October, the UK also added Lukoil to its sanctions list. However, the US restrictions do not apply to transactions with the Caspian Pipeline Consortium (CPC) and Tengizchevroil, while the UK sanctions do not apply to the Karachaganak field in Kazakhstan and the Shah Deniz field in the Caspian Sea.
After that, Lukoil announced that, in connection with the introduction of restrictive measures against the company and its subsidiaries, it intends to sell its international assets. The company began to consider bids from potential buyers.
On Lukoil projects abroad
Lukoil is implementing a large number of international projects. Through its trading subsidiary Litasco, the company owns two refineries in Europe (Petrotel Lukoil in Romania and Lukoil Neftokhim Burgas in Bulgaria), as well as a 45% stake in the Zeeland Refinery in the Netherlands.
As of the end of 2024, Lukoil also operated an extensive network of gas stations in 20 countries, of which 2,456 were located abroad (including in the United States and Europe).
In addition, Lukoil is involved in the development of the Shah Deniz field in Azerbaijan (19.99%), Karachaganak and Tengiz fields in Kazakhstan (13.5% and 5%, respectively), and the Kanlym-Khauzak-Shady and Gissar fields in Uzbekistan.
Lukoil is also one of the largest shareholders in the Caspian Pipeline Consortium (CPC). In the Middle East, the company is developing the West Qurna-2 and Eridu fields in Iraq and holds a 10% stake in the Ghasha oil and gas project in Abu Dhabi.
In Africa, Lukoil is involved in projects in Egypt (West Esh El-Mallaha, WEEM Extension, and Meleah), Cameroon (Etinde field), Nigeria (OML-140 block), Ghana (Deepwater Tano Cape Three Points block), and the Republic of Congo (Marine XII project).
Lukoil is also involved in development of Mexican fields: blocks 10, 12, and 28 jointly with Italy's Eni, the Amatitlan block, and block 4 jointly with Mexico's PetroBal.