Bulgaria's parliament overturned the president's veto on a bill allowing the government to take control of Lukoil's oil refinery and sell it. The decision is intended to protect the asset from US sanctions, which will come into force on November 21.
The Bulgarian parliament on Thursday overturned a presidential veto on a bill that allows the government to take control of Lukoil's oil refinery and sell it to protect the asset from impending US sanctions, UNN reports with reference to Reuters.
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Last month, the US Treasury Department's Office of Foreign Assets Control (OFAC) and the United Kingdom imposed sanctions on Lukoil and Rosneft, two of Russia's largest oil companies.
Last week, Bulgarian lawmakers approved amendments giving a government-appointed commercial manager the authority to oversee the continued operation of Lukoil's refinery in Bulgaria after November 21, when US sanctions are due to take effect, and to sell the company if necessary.
President Rumen Radev vetoed the bill on Wednesday, saying it did not provide guarantees against future financial claims against the state.
Parliament rejected his objections by 128 votes to 59 on Thursday, the Bulgarian news agency BTA reported.
US sanctions have raised concerns about winter fuel supplies to Bulgaria, where Lukoil operates a refinery in Burgas, hundreds of gas stations and fuel depots.
Lukoil sought an extension from Washington to the deadline for the sanctions, which prohibit transactions with the Russian company after November 21, seeking more time to wind down commitments and consider offers for its global assets, three sources familiar with the situation said on Wednesday.
Before Thursday's decision, Boyko Borisov, former Prime Minister of Bulgaria and leader of the GERB party, which heads the coalition government, was optimistic that Bulgaria would receive an extension as early as next week.
"Together with the government, we are working to ensure that both the people at the refinery and the refinery itself work well," BTA quoted Borisov as saying.
Bulgaria strengthens security at Lukoil refinery before state takeover: Russia has already reacted11.11.25, 05:42 • 16147 views
